Enumerate the concept of Socialism as stated by Karl Marx.

1. According to him, capitalism is the root cause of all social evils and hence it should be done away with.

2. In socialism, there is no place for private property.

3. All the units of production should be nationalised.

4. He said that like other social systems in history, like feudalism and slavery, capitalism is also bound to pass.

5. Capitalism in itself has the seeds of its own destruction.

6. Industrial workers are a force which would destroy capitalism and establish socialism.

7. Capitalism can be rooted out through revolution and by establishing the dictatorship of the Proletariat or the workers.

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