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]
Creative destruction In Capitalism, Socialism and Democracy (1942), Joseph Schumpeter developed the concept out of a careful reading of Marxâ€™s thought (to which the whole of Part I of the book is devoted), arguing (in Part II) that the creative-destructive forces unleashed by capitalism would eventually lead to its demise as a system (see below).[7] Despite this, the term subsequently gained popularity within neoliberal or free-market economics as a description of processes such as downsizing in order to increase the efficiency and dynamism of a company. The Marxian usage has, however, been retained and further developed in the work of social scientists such as David Harvey,[8] Marshall Berman,[9] Manuel Castells[10] and Daniele Archibugi. [11]