The social, political and economic philosophy that includes a wide range of economic and social systems which are characterized by public ownership is known as socialism. It refers to the social ownership of property and natural resources. This social ownership can be categorized as public, equity, cooperative and collective. The discipline deals with a wide range of theoretical and socioeconomic systems. These systems are of two types-market and non-market socialism. Market socialism uses monetary prices in relation to the operations of socially owned enterprises and for allocation of capital goods. Non-market socialism involves changing factor markets with technical and engineering criteria thereby producing a different mechanism from that of capitalism. This book presents the complex subject of socialism in the most comprehensible and easy to understand language. It also elucidates the concepts and innovative models around prospective developments with respect to this field. In this book, constant effort has been made to make the understanding of the difficult concepts of this discipline as easy and informative as possible, for the readers.