Socialism is a theory or system of
social organization that advocates the vesting of
the ownership and control of the means of
production and distribution, of capital, land, etc.,
in the community as a whole. However, in
reality as seen in the case of several failed states
like Poland, Romania, Yugoslavia,
Czechoslovakia, the system led to concentration
of wealth in the hands of few with the majority
left behind in terms of poverty and
unemployment. Besides, socialist Governments
ultimately turned into absolutist governments.