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Who created the philosophy? Why did it become popular?

socialism originated during the French Revolution of 1789 with some changes made in the industrial revolution.

In the last third of the 19th century in Europe social democratic parties arose in Europe drawing mainly from Marxism. The Australian Labor Party was the world's first elected socialist party when the party won the 1899 Queensland state election.

Why is it the best economic philosophy?

socialism allows everyone to have a say in what the community does as a whole. No one person decide what everyone does.

What advantages does it have over the other two philosophies?

Socialism takes the ownership, responsibility, and benefits of resources and the means of productions out of the hands of the elite few and puts them under the collective hands of the people.

Where can we find examples of this philosophy today? How is this philosophy still being followed?

A bakery pays all staff the same amount of money based on the profitability of the business. Workers vote to make business decisions.
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