In the Marxist method of analysis and theory of historical materialism, specific modes of production come into being as a result of underlying changes in the level of technology. In this view, advances in technology enable new forms of economic and social organization, while outdated methods of social organization become impediments and eventually deadweight to further material progress in the form of internal contradictions. This underlying theory of socioeconomic evolution lies at the heart of many arguments for socialism or communism, though the exact details on how the transformation from capitalism to socialism will play out is the source of much controversy.
Socialism, an economic system based on public or cooperative ownership of the means of production where production is carried out to directly produce use-value, a moneyless form of accounting such as physical resource accounting or labor-time, and based on the direct production of utility rather than on the capitalist laws of accumulation and value. Some models of socialism imply economic planning for the allocation of the factors of production in place of capital markets, while other models of socialism retain market-based allocation of capital goods.
Market socialism, a type of socialism based on public ownership or cooperative ownership of the means of production, but retains monetary calculation and utilizes markets as the primary way of allocating the factors of production.