The Industrial Revolution & the Rise of Capitalism

NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.

NB: All your data is kept safe from the public.

Click Here To Order Now!

Introduction

People who do not know their past cannot fully understand the main principles of society
Every period in history has a certain impact on peoples thoughts
Industrial Age still has a great influence on modern people
The perception of wealth significantly changed during the Industrial Age
The emergence of Capitalism along with the Industrial Revolution
The perception of wealth and business has changed since the times of the Industrial Age

The Industrial Age

General Information

The Industrial Age started in Great Britain in the 18^th century
The number of factories and plants was rapidly growing
In production, the main focus was on the separation of standardization and labor
The optimization of production and maximization of profits for businesspeople
Many companies appeared during the Industrial Revolution
The Industrial Age quickly spread to the whole of Europe (Hartwell, 2017)

Main Features

The transition from manual production to mechanization
The focus on active consumption and mass production
The rapid development of technology
A considerable economic growth
The improvement of the overall quality of peoples lives
The development of Capitalism

Disadvantages

The limited access of the working class to the goods they were producing
The growing power of wealthy people in the sphere of economy
The increasing social stratification
It was very difficult for poor people to start their own business
Task separation
The decreasing control over the competition
It was almost impossible for low-income people to improve their financial situation (Mantoux, 2013)

Capitalism

Main Peculiarities

Capitalist society appeared in the 18^th century
The first reason for the occurrence of Capitalism is the rapid development of technologies
The second reason is the increasingly growing population
Positive changes in the agricultural sector
The increase in the economic growth
Capitalism and Socialism are incompatible due to major differences between them (Hudson, 2014)

Disadvantages of Capitalist Society

The increasing control over resources by wealthy people
The growing chasm between the working class and the upper class
The introduction of certain rules and restrictions on factories and plants
The reduction of the government control overproduction
Fewer opportunities for poor people to become successful
The growing indignation of the working class
The increasing environmental pollution (Mantoux, 2013)

Contemporary Society

Capitalism Today

The main principles of Capitalism have not changed since its occurrence
The focus on consumption and mass production has become even stronger
Environmental pollution has become a major problem
The negligence towards safety restrictions
The suppression of democracy
The increasing propaganda
The problem of social inequality remains (Amin, 2014)

The Perception of Wealth

A survey regarding the business peoples perception of money, wealth, and the process of production was conducted
The age of participants was from 27 to 38 years
90% of respondents agreed that the increased consumption is one of the main features of progress
60% of respondents believed that it was more efficient to focus on the quantity of production rather than on quality
80% of respondents admitted that it was very difficult for people from the low and middle classes to become successful
60% of respondents agreed that in modern business, people are not regarded as resources
Almost all the respondents admitted that maintaining a competitive advantage is crucial in modern business (Amin, 2014)

Conclusion

Industrial Revolution caused many changes in the sphere of business.
Capitalism changed peoples perception of business, wealth, and production.
The key features of capitalism are profitability, social stratification, task separation, and the decrease in the government control.
Employee effectiveness fully depends on employee happiness.
The increasing number of employers focus on creating a positive work environment.
Still, many employers regard their subordinates as resources.

References

Amin, S. (2014). Capitalism in the age of globalization: The management of contemporary society (2nd ed.). London, UK: Zed Books Ltd.

Hartwell, R. M. (2017). The industrial revolution and economic growth (Vol. 4). Abingdon, UK: Taylor & Francis.

Hudson, P. (2014). The industrial revolution. London, UK: Bloomsbury Publishing.

Mantoux, P. (2013). The industrial revolution in the eighteenth century: An outline of the beginnings of the modern factory system in England. London, UK: Routledge.