What economic philosophy developed in response to the problems of industrial workers

Answer 1

The economic philosophy that developed in response to the problems of industrial workers is known as socialism. This philosophy advocates for collective ownership of the means of production and distribution of goods and services. Socialists believe that capitalism, with its focus on profit-making, inevitably leads to exploitation of workers and widening economic inequality. Therefore, they argue for a more equitable and just economic system in which the surplus value generated by the labor of workers is shared among all members of society. Socialism has a long history, dating back to the 19th century, and has taken different forms in different countries and periods. However, its core idea remains the same: the need to prioritize the needs and interests of workers and other marginalized groups over those of the capitalist elite.