History quiz

What were the ideas of sharing wealth known as in early 1900s?

Socialism

Socialism is an economic and political system that advocates for public rather than private ownership of industry and services.

Communism

Communism advocates for a system in which there is no state and a classless, moneyless society, in which the means of production are communally owned. Socialism emerged as a revolutionary movement in the early 19th century with the emergence of industrial capitalism. Its roots go back to earlier concepts of utopianism and communal living dating back to the late-eighteenth century.