3. Write a paragraph comparing two responses to the problems of the Industrial Revolution: the attempts in Great Britain to pass social and labor reform, and the
new economic systems proposed by socialists and communists. What were the pros
and cons of each approach? (5 points)

To provide more facilities and rights to labour whereas to make the economy more better.

Explanation:

The advantage of social and labor reforms in Britain is that it provides more facilities and rights to labour in the society but it adversely affected to the businessmen because more facilities needs more money which is provided by the owners of the company which leads to less profit while on the other hand, the  new economic systems proposed by socialists and communists helps the countries to make their economy more better. Each economic system has its advantages and disadvantages i.e. In communist economy, most economic resources are owned as well as controlled by the state whereas in socialist economy, all citizens share equally in economic resources as allocated by a democratically-elected government.

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