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