Socialism of the 21st century
POLITICAL TERM, IDEOLOGY, AND SLOGAN
21st century socialism; Socialism for the 21st Century; Socialism of the 21st Century; Equivalence economy; Buen vivir
Socialism of the 21st century (; ; ) 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.