In "Looking Backwards," what economic system did Edward Bellamy envision for the future?

In "Looking Backwards," Edward Bellamy envisioned a future where a socialist economy would replace capitalism. His depiction of this future society includes a plan where the government plays a crucial role in the economy, managing production and distribution in a way that prioritizes the common good over individual profit.

Bellamy's narrative imagines a world in which wealth is distributed more equitably and where the needs of citizens are met by a cooperative economic system. In contrast to the competitive nature of capitalism, his envisioned society operates on principles of collaboration, with the government overseeing economic activities to eliminate poverty and ensure that all individuals have access to the necessities of life.

This vision reflects the broader ideals of socialism that were emerging in the late 19th century, in response to the industrial capitalism prevalent at the time. By advocating for a collectivized approach to economic management, Bellamy's work contributed to the dialogue around alternatives to capitalism, highlighting the potential benefits of a system focused on serving the community as a whole rather than individual interests.