Which economic system emerged as a critique of industrial capitalism during the Industrial Revolution?

Socialism emerged as a critique of industrial capitalism during the Industrial Revolution for several key reasons. Specifically, as industrial capitalism grew, it became increasingly associated with a range of social issues such as economic inequality, poor working conditions, and the exploitation of labor. Socialists argued that the capitalist system prioritized profit over people, leading to the suffering of the working class.

Socialism proposed an alternative economic system that emphasized collective ownership and the redistribution of wealth to address these inequalities. This ideology advocated for the establishment of a system where the means of production were owned communally, ensuring that the benefits generated by industry would be shared more equitably among all members of society rather than concentrated in the hands of a few.

The critique of capitalism by socialism can be seen as a response to the rapid industrialization and urbanization processes that characterized the Industrial Revolution, which often led to harsh living and working conditions for many. Socialists aimed to create a more just and equitable society by focusing on social welfare and the rights of workers, challenging the foundational principles of capitalism itself.