Phonetic symbols represent sounds and are used to standardize the spelling of words from various languages. They were developed in the late 19th century by linguists including Otto Jepersen, Paul Passy, Alexander John Elis, Henry Sweet, and Daniel Jones. Phonetic symbols are divided into vowels, including monopthongs and dipthongs, and consonants, which are distinguished as voiced or voiceless. Understanding phonetic symbols helps improve English pronunciation and allows non-native speakers to understand differences in words with similar spellings but different meanings.