Socialism is that kind of state policy which observes that land, transport, natural resources, the chief industries, etc. should be owned and managed by the state or public bodies, and wealth, equally distributed. Karl Marx is said to be the father of socialism. Socialism has a lot of merits. It is the opposite theory of capitalism. Privatization never exists in a socialistic society. All are equal in a socialistic society. In this society, one will not starve while the other will take a heavy lunch. It aims to make a bridge between the rich and the poor. Socialism has some demerits too. It turns an individual into a machine because one is not given the right to put forward one’s own opinion. Thus socialism seizes the rights that democracy provides. But it is true that the problem of unemployment can be solved by the implementation of socialism.