Development of Theories of Capitalism and Socialism Historical Context: From 1750 through 1914, the economic systems of capitalism and socialism emerged and developed in Europe as part of, and as a response to, the Industrial Revolution. The Industrial Revolution resulted in major changes both politically and economically. The systems of capitalism and socialism have become dominant economic systems influencing the history of the world and influencing policy decisions from the 18th century until the present. Task: Using information from documents and your knowledge of global history and economics: 1) Write an introductory paragraph for an essay in which you provide the historical background from which theories of capitalism and socialism developed. End the paragraph with a thesis statement (argument) that indicates what political and economic factors influence policy decisions. 2) List quotes and/or evidence from a minimum of three different sources that would support your arguments. Think of the meaning of the quotes and/or evidence. 3) For Extra Credit write a complete essay