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→Economic theory
As a political ideology based on the expropriation of wealth, socialism stresses the privileges of the nomenklatura over the rights of workers and earners. Many of the most notoriously oppressive dictatorships have been socialist, such as the [[Soviet Union]] and China under Mao Zedong. Private wealth was seized and the owners executed.
As a political ideology based on the expropriation of wealth, socialism stresses the privileges of the nomenklatura over the rights of workers and earners. Many of the most notoriously oppressive dictatorships have been socialist, such as the [[Soviet Union]] and China under Mao Zedong. Private wealth was seized and the owners executed.
===Economic theory===
===Marx contribution to economics===
The [[Atheism|atheist]] [[Karl Marx]] is sometimes referred to as the father of socialism. Economist Thomas Sowell observed:
The [[Atheism|atheist]] [[Karl Marx]] is sometimes referred to as the father of socialism. Economist Thomas Sowell observed:
{{cquote|The Marxian contribution to economics can be readily summarized as virtually zero. Professional economics as it exists today reflects no indication that Karl Marx ever existed... [T]he development of modern economics has simply ignored Marx. Even economists who are Marxists typically utilize a set of analytical tools to which Marx contributed nothing.<ref>Thomas Sowell, ''[http://books.google.com/books?id=TVkVAAAAIAAJ Marxism: Philosophy and Economics]'' (Taylor & Francis, 1985) ISBN 0043201717, p. 217.</ref>}}
{{cquote|The Marxian contribution to economics can be readily summarized as virtually zero. Professional economics as it exists today reflects no indication that Karl Marx ever existed... [T]he development of modern economics has simply ignored Marx. Even economists who are Marxists typically utilize a set of analytical tools to which Marx contributed nothing.<ref>Thomas Sowell, ''[http://books.google.com/books?id=TVkVAAAAIAAJ Marxism: Philosophy and Economics]'' (Taylor & Francis, 1985) ISBN 0043201717, p. 217.</ref>}}