Crash Course World History gives a breathless and completely non-boring review of how Capitalism and Socialism came into being.

Video Summary

Industrial capitalism first developed in Britain in the 19th century, which brought tremendous advances in productivity and economic output. However, it also resulted in long hours, low wages, and miserable working conditions for many individuals. Socialism was created in France as an intellectual response to capitalism. There were two branches of socialism – utopian and revolutionary. The most famous socialist who advocated for revolution was Karl Marx. A primary thought articulated by Marx was the idea of class struggle. Marx believed classes developed a sense of themselves through conflict, and without conflict, there is no such thing as class consciousness. The class conflict/struggle is between capitalists and workers. Marx sought to empower the workers.