➢ Socialism is an economic and political philosophy based on the idea that the benefits of economic activity (wealth) should be equally distributed throughout a society. ▪ Socialist nations can also be democracies, but still have centralized planning to achieve these aims. ▪ Socialists emphasize cooperation & social responsibility as ways to achieve a more equitable distribution of both income and opportunity. ❖ The Industrial Revolution
➢ The Industrial Revolution were the great social changes that swept western nations as they moved from and agricultural to an industrial economy. ▪ Socialism was developed out of the Industrial Revolution. ▪ Cities expanded rapidly during this time and large factories replaced smaller home-based industry. ➢ Karl Marx, “the father of modern day socialism.” ▪ The most significant critic of capitalism to emerge in the nineteenth century. ▪ Engels and he wrote The Communist Manifest, which was a political document that oppressed workers across Europe to free themselves from “capital enslavement” (referring to the Industrial Revolution). ➢ Socialists and Communists.
▪ A strong socialist movement took shape among European workers and thinkers during the middle and end of the nineteenth century. ▪ Communists were considered, those who argued that a socialist society could come only out of “violent and bloody revolution.” ❖ Characteristics of Socialist Economies
➢ Nationalization is one of the characteristics of economies. ▪ Nationalization is the process of placing enterprises under government control, often by taking over privately owned industries. • Often times, governments have nationalized industries without paying any compensation. ➢ Public Welfare is another characteristic of economies. ▪ Socialists aim to guarantee the public welfare by providing for the equal distribution of necessities and services. ▪...