Socialism  

Socialism was an economic theory that sprang almost directly from the Industrial Revolution. Largely a reaction against the unregulated capitalism of the time, socialism proposed that society as a whole should control the means of production, and that the government exists only to oversee its initial phases and then to become nonexistent, leaving the people to govern themselves cooperatively. This contradicted the tenets of laissez-faire capitalism, which stated that the best total result for society was achieved if competition took its natural course.  

This movement was inspired by the problems that the Industrial Revolution presented for the common worker. Working conditions, long hours, and low pay made many workers want to band together and achieve a socialist system at least partially. Robert Owen, an employer who founded an idealized community for his own workers, first coined the term. Later, many social and political movements would attempt to adapt socialist ideals to their own purposes; the most notable of these was communism, which stated that the socialist state arose after the working class defeated its exploiters in a class struggle. Other variations, such as anarchist and Maoist socialism would be proposed. However, as the Industrial Revolution went on, many industrialised nations realized the social damages done by deregulated competition, and incorporated policies theretofore thought socialist – a minimum wage, welfare, and government subsidization of work programs.  

Sources:

“Unit 17: Revolution, Reaction, and Cultural Response: 1760-1830” Introduction to the Humanities . 2005.  7 March 2006 . 

“Socialism.” Wikipedia. 7 March 2006 . < http://en.wikipedia.org/wiki/Socialism >.

Halsall, Paul. “Socialism”. Modern History Sourcebook. 1997. 7 March 2006 < http://www.fordham.edu/halsall/mod/modsbook33.html >.