Compare And Contrast Capitalism And Socialism In The 19th Century

In the 19th, there was a boom in the industrial revolution. The world was transitioning from farming to railroad lines and steel production. People were getting jobs in factories and steel mills. With the new revolution, there was a rise in economic systems such as capitalism and socialism. While capitalism is a free market economy(meaning little to no government in businesses), socialism is a mixed economy(meaning the government may control and provide things like utility, water, and etc.) Capitalism and socialism in the 19th century have similarities and differences such as goals of the economic systems, views of human nature, and the purpose of government. Each economic system have their own goals for what their ideal society should be. Capitalism has a goal of individual success. Socialism wants there to be a group success. Marx and Ingles tell the reader that capitalism is separating the classes and giving them there goal to reach while socialism is taking control of all part business and eliminating competition. The difference is capitalism has that drive …show more content…
The 19th century was a great time to see goals of an economic system, views of human nature, and the purpose of government. The 19th century also had a rise in the industrial revolution. Cornelius Vanderbilt was taking over the railroad lines which connected the rest of the US to the most important city at the time. John D. Rockefeller became the world’s richest man till this day with the oil industry. Andrew Carnegie saw that steel was a product of the future. He opened steel mills, and managed the making of a bridge his mentor put him in charge of. With all of those industrial titans, there was a need for more efficient economic systems. There was a change and rise in socialism and capitalism. Capitalism and socialism have differences and similarities such as goals of the economic systems, views of human nature, and the purpose of