Socialism of the 21st century (Spanish: Socialismo del siglo XXI; Portuguese: Socialismo do século XXI; German: Sozialismus des 21. Jahrhunderts) is an interpretation of socialist principles first advocated by German sociologist and political analyst Heinz Dieterich and taken up by a number of Latin American leaders. Dieterich argued in 1996 that both free-market industrial capitalism and 20th-century socialism have failed to solve urgent problems of humanity such as poverty, hunger, exploitation of labour, economic oppression, sexism, racism, the destruction of natural resources and the absence of true democracy.[1] Socialism of the 21st century has democratic socialist elements, but it also resembles Marxist revisionism.[2]Leaders who have advocated for this form of socialism include Hugo Chávez of Venezuela, Rafael Correa of Ecuador, Evo Morales of Bolivia, Luiz Inácio Lula da Silva of Brazil and Michelle Bachelet of Chile.[3] Because of the local unique historical conditions, socialism of the 21st century is often contrasted with previous applications of socialism in other countries, with a major difference being the effort towards a more effective economic planning process.[2]

Source: Socialism of the 21st century – Wikipedia