Explanation : 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. ....Read more