Industrial Revolution Essay

The Industrial Revolution in Western Europe provided the context for economists and political writers of the 19th century to promote three different economic plans designed to meet the needs of workers and entrepreneurs. State-sponsored socialism was first proposed by Eduard Bernstein as a reform plan for the existing economic system of capitalism. The major tenet of state-sponsored socialism included government-sponsored legislation to regulate business over time. Although there were many advantages including improving the standard of living and national unity; however, there were also disadvantages because socialism didn’t eliminate poverty nor the social evils inherent in a market-based economy. The economic system of socialism was implemented in Germany during the 19th century through legislation. In some ways, socialism was successful because it lowered the number of unemployed people and it provided healthcare for its poorest citizens. In other ways, socialism was unsuccessful because it was not consistent with the fundamental characteristics of human greed. Although it failed to operate under a consistent competitive profit, the economic system of socialism did address the needs of both entrepreneurs and workers because the middle class grew.

The Industrial Revolution provided the historical context for the new economic plan of Socialism that was promoted by Eduard Bernstein. The Industrial Revolution affected many people in England. It transformed Great Britain from a largely agrarian society to one dominated by industry. (Newton, par: 1) Factories sprung up everywhere and many machines were invented to produce materials faster and cheaper. The Fabian Society was created in 1883 to propagate a non-Marxian evolu...

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... Mainly 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 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. Socialism is still important today for several reasons. For one, it helps secure the rights of every citizen and resident unknown. Second, it promotes equality in numerous areas, including economic, political and social forces. Third, it offers a chance for all people to attain medical insurance coverage, regardless of financial or social status.