Tag: history

The Labour Party introduced the welfare state after World War II. Clement Attlee, the Labour Prime Minister who succeeded Winston Churchill in 1945, transformed Britain into a welfare state. The Labour Party introduced social programs that provided public housing and established old-age pensions, unemployment insurance, and the creation of a National Health Service, or free medical care. The Conservatives, under Margaret Thatcher in 1979, began to roll back the welfare state. England has had a parliamentary-type democracy since 1689. It has never followed a communist or corporate form of government. The Labour Party nationalized the Bank of England but did not introduce communism to England.

Karl Marx and Fredric Engels came up with a new theory of socialism based on their study of the working of industrial capitalist production. They argued that capitalism is both a progressive as well as an exploitative system. Marx believed that industrial production will make it impossible for people to live and work on a small scale; they will have to cooperate with countless number of people to produce even
their basic needs.

Spinning Jenny used eight spindles onto which the thread was spun, so by turning a single wheel, the operator could now spin eight threads at once. It was invented by James Hargreaves

The Industrial Revolution began in Britain in the 18th century and from there spread to other European countries, including Belgium, France, and Germany, and to the United States.

Capitalism is based on private ownership of the means of production. Capitalists themselves determine what is to be produced and who is to be given a share of the produce. At the same time, it is also debated that capitalism distributes wealth and power in an unfair and exploitative manner.

Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets. In a capitalist market economy, decision-making and investment are determined by every owner of wealth, property or production ability in financial and capital markets, whereas prices and the distribution of goods.

The Industrial Revolution began in Great Britain was due to the advancement in technology and machinery. Hand production methods were replaced by machines, new chemical and the iron production processes were invented.

Capitalism in Europe was preceded by feudalism. Under feudalism, land was overwhelmingly the main means of production. Land was owned by feudal lords, and a large number of peasants bound to the land worked it in small farms. The surplus was owned by lords leading to disappearance of small farmers, growth of towns for production and loads of production.

The correct answer is Capitalism. Socialism and Communism give significant power to the government to control the economy, while in Feudalism, corporate ownership is absent. It is only Capitalism which is entirely based on private ownership.