What does the term "socialism" refer to during the Industrial Revolution?

The term "socialism" during the Industrial Revolution refers to a political and economic theory advocating for collective ownership. This theory emerged as a response to the inequalities and harsh working conditions that arose from the rapid industrialization and capitalism of the time. Socialists believed that the means of production, such as factories and resources, should be owned and controlled collectively, rather than by private individuals or corporations. This collective ownership was seen as a way to ensure that the wealth generated by industry would be distributed more equitably among all members of society, rather than concentrated in the hands of a few.

The period was characterized by significant social upheaval, and many reformers and thinkers viewed socialism as a means to address the exploitation and poverty experienced by the working class. By promoting concepts of equal shares and community-based decision making, socialism aimed to create a more just and fair society, addressing the disparities that capitalism often exacerbated.

The other options describe different theories or movements that do not capture the essence of socialism as it was understood during the Industrial Revolution. For example, advocating for individual ownership is contrary to the fundamental tenets of socialism. An economic theory focused on free markets relates more closely to capitalism, and a social movement aiming to improve labor rights often intersects with socialism