As a doctrine, socialism developed from the ideas of Marx and other radical thinkers of the nineteenth century. Socialism is a middle ground between laissez-faire capitalism and the central~planning’ model, which we discuss .in the next subsection. A few common elements characterize most socialist philosophies:

Socialist approaches fell out of favor with the collapse of communism, the stagnation in Europe, and the success of market-oriented economies. Thoughtful socialists are combing through the wreckage to find a future role for this branch of economic thought.