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Word Count: 507
The Industrial Revolution in Great Britain In the economy that resulted from the Industrial Revolution a few people became enormously rich but most remained poor The uneven distribution of wealth disturbed many people Some reformers became convinced that laissez-faire capitalism was not the best economic system They argued that laws could not do enough to remedy inequalities The only way to distribute wealth more evenly was to change the ownership and operation of the means of production Some reformers of the 1800s advocated a political and economic system called socialism In this system the government owns the means of production and operates them for the welfare of all the people Socialist wanted to establish an economic system that would abolish the profit motive and competition They believed that everyone not just capitalist and owners had a right to share in the profits of industry The early socialists believed that people could live with each other if they lived in small cooperative settlements owning all the means of production in common and sharing the products The socialists tried to work out detailed schemes for model communities and then tried to persuade people to set up the communities These early socialists were sometime called utopian socialists Another idea that arose during this time was Marxism Marxism was a belief that arose to power at the hand of Karl Marx He believed and got many other people to believe that everything was based on economy If a country had a good economy then that country would be rich and successful If a country had a very poor and weak economy then that country would not be very rich and successful He also believed that there were many stages in history and really history was just a big circle The start to this circle was when people owned property and worked together in harmony This was the base stage and all the people were happy
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