The historical significance of the formation of the Socialist movement in Europe stemmed from its challenge to the prevailing capitalist economic system and its push for workers' rights and social justice. Originating in the 19th century, it aimed to restructure society through the redistribution of wealth and power, advocating for the rights of the working class. Key figures like Karl Marx influenced socialist theory, which criticized the inequalities of capitalism. The movement inspired various political parties and revolutions, contributing to the establishment of socialist states and influencing contemporary social policies.