What economic philosophy developed in response to the problems of industrial workers? Plz answer ASAP
Answers
The economic philosophy developed in response to the problems of industrial workers is socialism.
Socialism is a theory which states that the production,, distribution and exchange is to be done by the community as a whole and not by individual players.
This ensures that the economic gap between people is not considerable.
Socialism or socialist economics is the economic policy that was created to solve the problems of industrial workers.
Socialism uses markets to allocate capital goods and inputs which is a form of direct public ownership. In socialist economics, the productions are carried out directly for use under some planning. It is a system characterized under workers’ self-management in the means of production.
Socialism consist of many ownership facilities like
State ownership
Cooperative
Common ownership
Citizen ownership of equity.