who is credited with creating an alternative to capitalism called communism or socialism
History of socialism The history of socialism has its origins in the 1789 French Revolution and the changes which it wrought, although it has precedents in earlier movements and ideas. The Communist Manifesto was written by Karl Marx and Friedrich Engels in 1848 just before the Revolutions of 1848 swept Europe, expressing what they termed "scientific socialism". In the last third of the 19th century, social democratic parties arose in Europe, drawing mainly from Marxism. The Australian Labor Party was the world's first elected socialist party when it formed government in the Colony of Queensland for a week in 1899.[1]
Economic system In a capitalist economic system, production is carried out for private profit, and decisions regarding investment and allocation of factor inputs are determined by business owners in factor markets. The means of production are primarily owned by private enterprises, and decisions regarding production and investment are determined by private owners in capital markets. Capitalist systems range from laissez-faire, with minimal government regulation and state enterprise, to regulated and social market systems, with the aims of ameliorating market failures (see economic intervention) or supplementing the private marketplace with social policies to promote equal opportunities (see welfare state), respectively.