Capitalism was a radical departure from the past. It was in every sense of the word revolutionary. It challenged every aspect of the traditional order. Socialism is medievalism revived. It has been argued that socialism is in fact a reactionary movement meant to turn back the radical tide of classical liberalism.
Socialism is in practice terribly conservative.
Against the background of nineteenth century individualism, 'radical' is today almost synonymous with 'socialist' or 'communist'. It is essential to the understanding of utopian socialism to remember that when it first appeared in European history as a fairly consistent theory, it was very largely a reactionary protest against a new, 'progressive' and poorly understood economic movement, an appeal to turn the clock backward. I insist that collectivism, which replaces the free market by coercive centralized authority, is reactionary in the exact sense of the word. Socialism was formulated in the first half of the 19th century, barely after the beneficial results of the industrial revolution were being felt by the masses. This is a gross misstatement from which the left-wing has reaped tremendous political capital.