Aim: Explain the origins and main concepts of Socialism & Marxism

The Rise of Socialism In contrast to laissez-faire philosophy, other theorists believed that government should interfere Late 1700’s: Philosopher Jeremy Bentham introduced philosophy of utilitarianism: People should judge ideas, institutions, and actions on the basis of their utility, or usefulness Argued that government should try to promote the greatest good for the greatest number of people Others sought to offset ill effect of industrialization with Socialism Factors of production are owned by public Government control of economy would end poverty and promote equality 2

Marxism: Radical Socialism German journalist Karl Marx introduced world to radical socialism Called Marxism Outlined ideas in pamphlet called Communist Manifesto Argued that human societies have always been divided into warring classes While wealthy controlled the means of producing goods, the poor performed backbreaking labor under terrible conditions Marx predicted that the workers would overthrow the owners 3

The Future According to Marx Marx believed that the capitalist system would eventually destroy itself in the following ways: Factories would drive small artisans out of business Leaves small number of manufacturers to control all the wealth Large proletariat (workers) would revolt & seize the factories State or government would wither away as a classless society developed Marx final phase called Communism Form of complete socialism Where the means of productions (land, mines, factories, railroads, & business) would be owned by the people All goods or services would be shared equally 4