Socialism Jackson and Jackson

*Capitalism is an economic system in which the means of economic production were privately owned. This led to abuses. *This is when Socialism was born (in the early 19th century), it was the answer for the struggling workers for their protection against exploitation and oppression. *Socialism championed public or government ownership, a planned economy, and state intervention in market forces. * Two types of Socialism 1.) Utopian Version of Britain and France : Wanted industrial technology to advance by govt planning : Wanted the government to set up workshops to employ the jobless : Model factories to demonstrate the conditions under which labor could be more efficient and productive 2.) Scientific Version of Karl Marx of Germany : the working class would and should take control of the government, and government should, in return, take control of all industry. In this way workers would control the industries themselves and share their benefits equally.