Download file to see previous pages...
Smith’s theory that propagated dependence of individualism that oozed out of the nation at this time period. America’s obsession with Industrial began with Slater’s mills in which textiles became the primary market to produce. Although it may seem a new age, most workers were orphans or children who owed debt to the nation. The drive of capitalism for this country relied on many factors that included slavery, turned raw goods into products, factories, and the ability to produce such a drastic workforce. Jefferson understood and acknowledged this problem. He feared that the America could not be properly industrialized due to the fact that it would not attract workers. Hence, the need to build factories around villages became critical components towards the move to industrialize America. Moreover, the ability of the American leaders to explore the “wild west” catapulted the nation to expand and dramatically changed from an urban to a rural area.
One of the most significant factors that contributed to the development expansion of the United States was the fertile land that was available in the South. The large plantations in the south gave the rise to slave labor was the fertile farmland in the Midwest enabled United States to accomplish several things. First of all, the invention of Eli Whitney’s cotton gin initiated the rise to slave labor in the rich land that extended beyond from Carolina to Texas, which expanded the United States border. The fertile land gave boosted the American economy, which contributed to development of United States. The south had to dramatically shift their economy to tobacco and cotton to agriculture. In the north, corn supply was enhanced along with the focus on producing textiles. Cities such as New York and Chicago became the top commerce cities that built its economic empire due to the industrial revolution. The creation of Erie Canal became the hallmark of water commerce that enabled America to lower shipping costs
...Download file to see next pagesRead More
As the discussion highlights Marx does not have much on religion; thus his view is not well known to the public. He does have his opinion aired on the words he once uttered in regard to religion, “Religion is the opium of people.” Marx defines religion as an item created by man and one that is the consciousness of humans.
197). This revolutionalized work patterns and gave rise to capitalism. We cannot talk about evolution of capitalism without discussing the works of three key individuals: Adam Smith, Karl Marx, and Andrew Carnegie. Smith developed the principles that guide the workings of capitalism (open competition, free trade and low government controls).
Such a trend may converge to negative utility and occurs in many aspects of possessions and applications. This develops a perspective that despite the magnitude of benefits that can be derived from a commodity, the commodity may be a threat under some level of possession and scope of use.
According to the essay, in the socialist system means of production and resources are collectively owned by the society and individuals do not own property. The capitalist system however is different in that the individuals in the economy privately own property. As owners of property an individual has the right to utilise these property.
The theories presented by both the sociologists are very significant, yet very distinct from each other on several bases. The essay compares the differences in the approaches of Marx and Weber towards the emergence of capitalism and the crucial factors behind its origin and growth.
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).
Weber's work 'The Protestant Work Ethic and the Spirit of Capitalism' has had enormous impact on both sociologists and economists since its publication. The thesis of this highly contentious work is in essence that the Protestant (particularly Calvinist) model influenced large numbers of people seek employment in the secular world, developing enterprises and engaging in both economic trade and wealth accumulation.
People strongly supporting capitalism are known to be capitalists and the ones criticizing and opposing it are called communists. Adam Smith was the biggest admirer in fact the founder of the free-market capitalism. Amongst the followers of Smith was the Count Sergei Witte who was also the Finance Minister (1892-1917) of Russia.