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Subsequently, this labor force could not be made to fit itself inside the dimensions of medieval economy that used to be fully controlled by the monarchs, businessmen, and noblemen. Hence, labor organization against the medieval structure of laissez faire led to significant change in industrial and economic relations influencing the society as a whole (Goloboy, 2006). In examining that how the workers’ lives were altered by industrialization, we must say that the workers had to acquire newer skill sets, work for longer, and function production oriented without rest and entertainment. Factory owners chose to exploit them and society changed rapidly. Workers were now underpaid, they lived in factory system, and state became a managing committee of the business owners (Carlton, 1920).
Second, mechanization of production processes the number of people working in the factories. The lifestyle in agrarian economy was drastically different from that in the industrial economy. This led to extensive urban development since changes in lifestyle increased ambition and consumption of the masses. After initial hurdles, urban development led to social mixing, abolition of obsolete traditions, and innovation of shorter and simpler social customs, rituals, formalities, etc. But the economic differences between the owners and the workers began to become steeper along with these developments. Owners continued to become richer and workers continued to become poorer.
During and after industrial revolution, a new class of businessmen emerged who have enough capital, which they could use to build factories and experiment with different methods production engineering and fund research. This weakened the economic control of monarchs, although no significant political change took place. Hence, a powerful business class – the capitalists emerged, who established the system of capitalism (Goloboy, 2006). Relationship between the working class and the owners was
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State capitalism has several meanings and definitions; however, it can be generally defined as a society in which productive elements were controlled by the state in a capitalist manner. In other words, governments or governmental agencies controlling the shares of publicly-listed firms, in a state capitalized economy.
Firstly, two ideals were political. These concentrated on power of the communist party that ensured strict adherence to discipline and political structure.1 Secondly, there were two economic defining features. These were a centralized command economy and the ownership of the means of production by the state.
It also focuses on the historical origin and development of both capitalism and communism, to identify the philosophers and people who contributed to their development. Capitalism can be traced back to the 13th century in the doctrine of usury, which though rejected by the church, provided an opportunity for lending at an interest.
There are many factors that contributed to the industrial revolution which had the effect of changing and modernizing society to what it is today.
The term Industrial Revolution refers to the move from handmade and homemade production of goods to machine made and factory made goods.
It is argued that it was an ideology formed by the proletariats who were against the ideology of capitalism. Karl Marx is highly known to contribute in this ideology for he saw that communism would definitely bring the class issues within societies to an end.
Thus the term 'free market' is significant in capitalism as it refers to an economic system that is free of external intervention and is guided by a rule of law that is focused on establishing and protecting private property, including, private ownership of the means of production (Levi-Faur et al, 2005).
ates this period is generally agreed to have begun at the time of the Civil War (1861-1865).” (Business Dictionary) the main phase of the revolution was that a great change was brought about in the field of technology which involved new techniques in the use of machinery.
This ideology supports the common ownership of production means, though it is broader branch of the socialist movement, which attracts the attention of various intellectual and political movements. These ideologies were
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