A good example of regulation would be the Federal Reserve Board, clean air acts, antitrust laws, and the imposition of tariffs to protect domestic industries. Unit of historical analysis Liberal capitalism views history as conflict between nations . Socialists view history as conflict between classes . Staunch socialists are dedicated to the World-Wide revolution of the working class. Classical liberalism espouses the belief that progress for humanity will occur as the natural result of the increase of goods and services.
Progress occurs, therefore, gradually.
Reform, when needed, occurs through legislative. Followers of Karl Marx believed that violent revolution would rid society of classes by abolishing private ownership of the means of production. By overthrowing the capitalists, a classless, utopian society could be created. Hence, mankind progresses. Unions were not truly legalized in the US until the Wagner Act of 1935.