alleryStart learning →Who is identified as the Father of Socialism?
AAdam Smith
BJ. M. Keynes
CRagnar Frisch
DKarl Marx
Answer & Solution
Correct answer: D. Karl Marx
1. Socialism refers to a system of total planning, public ownership and state control of economic activities.
2. The textbook names Karl Marx as the Father of Socialism.
3. Adam Smith by contrast is the Father of Capitalism, which is the standard confusion.
4. Russia, China, Vietnam, Poland and Cuba are given as examples, with the caution that there are now no absolutely socialist economies.
_Source: TN HSC Class 12 Economics (Samacheer Kalvi, Govt of Tamil Nadu), Ch 1 "Introduction to Macro Economics", §1.7.2_
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