During the Industrial Revolution in England, the capitalist system was
faced with a great deal of economic problems and social unrest. Unequal
distribution of income and wealth, poverty and hunger, long hours of work
and very low wage for the workers, child labor and hard working conditions,
unemployment and split-up families, malnutrition and disease - were a few of
several problems that the capitalist system was struggling with in that period.
Undoubtedly the capitalist system was passing a critical time during
the Industrial Revolution and from the aftermath of 1700s was suffering from
a chronic economic crisis. However, in this period new economic ideas,
schools of thought and theories came forth in parallel with the fundamental
changes which occurred in human life. Although each of these changes,in
turn, contributed in solving the community problems, but very shortly lost its
credibility along with the changes which took place in the economic and
social sphere of the community.
However, it should be noted that in this period, like every other period
in history of economic thought, the economists" ideas and thoug, hts, whether
correct or incorrect, have had a great impact on shaping the world economic
and social affairs. the main objective of this article is to analytically and
criticallly survey the new economic ideas, schools of thought and theories
which emerged during the Industial Revolution and tried to solve the
prevailing economic and social problems.