The Owenites in England and the Fourierists in France have been considered respectable socialists while working-class actions that “proclaimed the need of total social change” denoted themselves communists. This branch of socialism produced the communist work of Étienne Cabet in France and Wilhelm Weitling in Germany. British moral philosopher John Stuart Mill discussed a type of financial socialism within a liberal context that would later be generally known as liberal socialism.
In later editions of his Principles of Political Economy , Mill further argued that “as far as economic theory was involved, there may be nothing in precept in economic principle that precludes an financial order primarily based on socialist policies” and promoted substituting capitalist companies with worker cooperatives. While democrats appeared to the Revolutions of 1848 as a democratic revolution which in the long term ensured liberty, equality and fraternity, Marxists denounced it as a betrayal of working-class beliefs … Read More