9781422274101

Communism has fallen out of favor since the collapse of the Soviet Union in the early 1990s. However, socialism, which Marx saw as a transition phase between capitalism and communism, is alive and well, to a certain extent. Socialism has been practiced differently in different places and times in history. After World War II, socialists in western nations distinguished themselves from communists by adhering to democratic principles. Great Britain, for example, practiced a form of socialism between 1945 and 1951, when the Labour Party won a majority in parliament. The Labour

“Democratic socialism means that we must reform a political system that is corrupt, that we must create an economy that works for all, not just the very wealthy.” 4 —Bernie Sanders, US senator

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Managing a Modern Economy