Overview
This lecture examined the development of socialism, communism, fascism, and liberalism, tracing their origins, ideological differences, and impacts on political and economic systems, especially in the UK, US, and Europe.
The Rise of Socialism in Europe and the UK
- Socialists in 1860s UK aimed to democratize the House of Commons, transferring power from nobles to commoners.
- Socialist and nationalist revolutions swept Europe in 1848, seeking national unification (e.g., Italy, Germany) and worker rights.
- Sweden-Norway peacefully transitioned to an electoral republic through negotiation, limiting wealthy influence in politics.
- UK socialists wanted gradual reform via elections; massive labor strikes led to the House of Commons opening to commoners by 1867.
- Major socialist gains in Europe and the US (e.g., Social Security, Medicare) followed WWII, aiming for worker protections and moderated capitalism.
The Dialectic: Hegel and Marx
- Hegel’s dialectic: history advances through thesis (current system), antithesis (contradictions), and synthesis (resulting system).
- Applied to nations by Hegel (e.g., Rome vs. Germanic tribes); Marx applied it to economic systems.
- Marx argued history moves from feudalism → mercantilism → capitalism → socialism → communism.
- Each system contains contradictions prompting new social orders: in capitalism, workers vs. capitalists.
Economic and Political Systems Explained
- Feudalism: Nobles dominate economy and politics; kings have limited power.
- Mercantilism: Monarch controls economy; merchants are sidelined.
- Capitalism: Merchant class leads; electoral republics favor business interests.
- In capitalism, the economic realm manipulates politics and social norms (e.g., campaign financing, advertising).
Socialism, Communism, Fascism, and Fundamentalism
- Socialism seeks gradual reform through electoral processes, aiming for worker protections and reduced inequality.
- Communism advocates immediate, often violent revolution to force socialism; Soviet example failed to bypass economic steps, backsliding to capitalism.
- Fascism reacts against modernity, blaming societal problems on industrialization and seeking a return to a (mythical) past order.
- Fundamentalism is religious absolutism, often linked with fascism and nationalism, prioritizing one path to salvation.
Evolution of Liberalism and Political Parties
- Liberalism arose as a defense of capitalism against socialism, supporting capitalism but split on regulation of economy and social issues.
- Four liberal subideologies: populists (regulate both), liberals (regulate economy only), conservatives (regulate social only), libertarians (regulate neither).
- US history: shifting party coalitions, especially around civil rights and regional divides.
Economic Downturns and Modern Reforms
- US suffered major depressions roughly every 40 years until reforms post-Great Depression (1930s) sought to stabilize the system.
- FDR’s "vaccine" approach: introduce elements of socialism (e.g., safety nets) to save capitalism.
- Post-1980: deregulation, union decline, public education defunding, and the rise of derivative markets led to growing class inequality and financial instability.
Key Terms & Definitions
- Socialism — Economic system advocating collective worker rights and protections through gradual reform.
- Communism — Ideology seeking an immediate, enforced transition to a classless society via revolution.
- Fascism — Reactionary ideology opposing modernity, glorifying a return to an earlier societal order.
- Liberalism — Ideology defending capitalism, differing on regulation of economy and society.
- Dialectic — Hegelian idea that history progresses via conflict (thesis vs. antithesis) leading to a new synthesis.
- Mercantilism — State-directed economic system with centralized price-setting.
- Feudalism — System dominated by nobles and characterized by inter-family conflict for power.
- Derivative — Financial product betting on future asset prices, popularized after deregulation.
Action Items / Next Steps
- Review political party developments in 1964 for the next lecture.
- Read about the evolution of US economic depressions and FDR’s New Deal policies.
- Monitor announcements for essay grading updates.