Asia Minor is a geographic region in the south-western part of Asia comprising most of what is present-day Turkey. The earliest reference to the region comes from tablets of the Akkadian Dynasty (2334-2083 BCE) where it is known as âThe Land of the Hatti â and was inhabited by the Hittites.
What is 'Socialism'. Socialism is a populist economic and political system in which the means of production operate under public political ownership, sometimes called common ownership. Common ownership under socialism may take shape through technocratic, oligarchic, totalitarian, democratic or even voluntary rule. All legal production and distribution decisions are made by the ruling class.
In Marxist theory, socialism, also called lower-stage communism or the socialist mode of production, refers to a specific historical phase of economic development and its corresponding set of social relations that supersede capitalism in the schema of historical materialism.lthough Karl Marx and Friedrich Engels wrote very little on socialism and neglected to provide any details on how it might be organized, numerous social scientists and neoclassical economists have used Marx's theory as a basis for developing their own models of socialist economic systems.