What is the economic system that arose in Europe after the Industrial Revolution ? Discuss the ideas and movements which arose in Europe against that system.

1. The economic system that arose in Europe after the Industrial Revolution : The new economic system that arose in Europe after the industrial revolution is known as “capitalism” as a result of the setting up of factories and industries the major portion of the national capital get accumulated in the hands of a few persons. These people are the big capitalists who grew richer and richer day by day.
Many craftsmen were rendered jobless as their goods were costly and the customer did not purchase them. So, they were forced to work as labourers in the different factories. The labourers had to work 12 to 16 hours a day and their wages were very small. So, they become poorer and poorer day by day.
Moreover, the working conditions in the factories were also unsatisfactory. This fall led to the conflict between the factory owners and the workers.

2. Ideas and movements which arose in Europe against the Capitalism : Slowly and slowly capitalism came under sever criticism in Europe. The ideas and movements of socialism and communism arose against this system. This philosophers like Karl Marx and Angles began to say that capitalism is the root cause of all social evils.
Therefore, it should be thrown away. All the means of production should be taken over by the Government or the society. The communist philosophy, advocated even the use of force and violence for doing away with capitalism and for bringing socialism.

Tips: -