The Industrial Age Impact and the Rise of Capitalism

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 people’s 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 18th 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 people’s 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 18th 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 people’s 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 people’s 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.

We will write a
custom essay
specifically for you

for only $16.05 $11/page
308 certified writers online
Learn More

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.

Print Сite this

Cite this paper

Select style

Reference

StudyCorgi. (2021, March 24). The Industrial Age Impact and the Rise of Capitalism. Retrieved from https://studycorgi.com/the-industrial-age-impact-and-the-rise-of-capitalism-essay/

Work Cited

"The Industrial Age Impact and the Rise of Capitalism." StudyCorgi, 24 Mar. 2021, studycorgi.com/the-industrial-age-impact-and-the-rise-of-capitalism-essay/.

1. StudyCorgi. "The Industrial Age Impact and the Rise of Capitalism." March 24, 2021. https://studycorgi.com/the-industrial-age-impact-and-the-rise-of-capitalism-essay/.


Bibliography


StudyCorgi. "The Industrial Age Impact and the Rise of Capitalism." March 24, 2021. https://studycorgi.com/the-industrial-age-impact-and-the-rise-of-capitalism-essay/.

References

StudyCorgi. 2021. "The Industrial Age Impact and the Rise of Capitalism." March 24, 2021. https://studycorgi.com/the-industrial-age-impact-and-the-rise-of-capitalism-essay/.

References

StudyCorgi. (2021) 'The Industrial Age Impact and the Rise of Capitalism'. 24 March.

Copy to clipboard

This paper was written and submitted to our database by a student to assist your with your own studies. You are free to use it to write your own assignment, however you must reference it properly.

If you are the original creator of this paper and no longer wish to have it published on StudyCorgi, request the removal.

Psst... Stuck with your
assignment? 😱
Susan
Online
Psst... Stuck with your assignment? 😱
Do you need an essay to be done?
Yes
What type of assignment 📝 do you need?
Yes
How many pages (words) do you need? Let's see if we can help you!
Yes