This book provides a detailed and critical account of the dominant schools and theorists of socialism. The major schools of socialism like Marxism, Anarchism, Guild Socialism, Syndicalism, Fabianism, and Social Democracy are discussed with special emphasis on the important theoreticians like Thomas More, Karl Marx, Ferdinand Lassalle, William Morris, and Antonio Gramsci. The authors analyze the varied controversies within socialism; the role of the market and the importance of planning; and reform vs. revolution. Most importantly, the authors explain the recent collapse of communism and the disarray in which democratic socialism finds itself, and provide answers to the future of socialism.