Abstract

The 20th century is the aeon for the social and national liberation of the individual. Freedom is a boon and basic right of every individual’s existence. Human freedom is infringed by certain social and economic order. This research paper undertakes the task to reveal the reasons behind the pandemonium of humankind living in capitalism; the basic fact for the rise and development of socialism around the globe. This paper is divided into six parts. Part I is introduction. Part II deals with historical need to replace capitalism by socialism. Part III explores the economic decisive factors in capitalism. Part IV explores the economic decisive factors in socialism. Part V leads to threats of neo-colonialism. Part VI is conclusion. This research finally leads to the conclusion that socialism is the system for the abolition of regime of exploitation created by capitalism. It aims at transforming a just society based upon principles of equality, fraternity, democracy and fair play.