Industrial Revolution And The Rise Of Capitalism

Industrial Revolution And The Rise Of Capitalismjoe Satekprofessor Ell

Industrial Revolution and the Rise of Capitalism Joe Satek Professor Elliott Humn-/17/16 Industrial Revolution and the Rise of Capitalism At the beginning of Industrial Revolution in Great Britain colonies, many wealthy people started looking for ways in which they could increase their produce and wealth. The need to perform better, produce more cotton, textiles, coal and other minerals led to a period of inventions that enabled the powerful people to increase their wealth. Several learned people came forward with experiments that enabled the wealthy to learn how to increase morale of the workers, who were mostly oppressed, and therefore produce more. Research around Industrial Revolution is connected to capitalism or the desire to create economic benefits through hard work of the people.

Industrial Revolution and capitalism led to the foundation of modern day era of development, mass production, market economy, and efficiency in production. This paper will analyze the impact of Industrial Development and rise of capitalism and their contributions to the contemporary society. Impact of Industrial Revolution Industrial Revolution created various machines that allowed the growing population to gain money and make investments. The rapid increase in global trade between 1760 and 1850 led to competition that led to various inventions. Investments and rise of entrepreneurs led to eruption of various inventions such as blast furnace, railroads to ease transportation, vaccination to deal with diseases of the workers, and steam machines for the manufacture of products.

Industrialization had profound effects on the Civil War in the United States. The ability of the troops to carry ammunition and develop new weapons changed the history of America by creating a platform for more inventions (Spielvogel, 2010). Researchers such as Sir John Clapham notes that the industrial revolution led to increase in economic wellbeing of the people. As more inventions came into being, inventors and economic powers such as the companies engaged their laborers to work more for better wages. With increased labor, wages increased and the average workers were better off than before the start of revolution.

In this perspective, people were able to buy more and demand for products in the economy rose. The living standards of people in Great Britain and United States changed leading to increase in importation of products such as cocoa, tea, beer, and eggs. Private investments in Great Britain enabled it to develop faster than other countries in Europe. Agricultural Revolution formed the main basis of revolution in the world as it enabled development of inventions that changed the way activities were carried out. In this regard, the Industrial Revolution was a product of various activities and policies developed in Great Britain (Stearns, 2012).

The industrial Revolution of the 1800s had a major impact on the Civil War and made United States the leading producer of manufactured products. The United States learnt lessons from the revolution leading to increased ability to produce products and weapons later used during the wars in the world. The inventions and ability of the people in America to invent various products led to America being the leading producer of products in the 1900s. New manufacturing methods and innovations in technology led to increase in the ability of companies in the United States to produce products that led to better lifestyle. The country was able to export products manufactured during the Industrial Revolution and the economy of America rose.

Invention of steam engine made it possible for factors of production such as people and raw materials to be moved from one place to another. The extent to which the Industrial Revolution affected the world of economy is said to be a shift from the traditional labor-intensive production to capital-intensive production (Spielvogel, 2010). The growth of the largest transportation system which took place during the industrial revolution and was ably supported by the civil war was the birth of the rail road system. Northern transportation industries boomed during the conflict as well particularly railroads. The North's larger number of tracks and better ability to construct and move parts gave it a distinct advantage over the South.

Union forces moving south or west to fight often rode to battle on trains traveling on freshly lain tracks. In fact, as Northern forces traveled further south to fight and occupy the Confederacy, the War Department created the United States Military Railroads, designed to build rails to carry troops and supplies as well as operating captured Southern rail lines and equipment. By war's end, it was the world's largest railroad system (Spielvogel, 2010). The American economy was caught in transition on the eve of the Civil War. What had been an almost purely agricultural economy in 1800 was in the first stages of an industrial revolution which would result in the United States becoming one of the world's leading industrial powers by 1900.

But the beginnings of the industrial revolution in the prewar years was almost exclusively limited to the regions north of the Mason-Dixon line, leaving much of the South far behind. The climate and soil in the South are ideal for the growing of cotton. The drawback to cotton is the amount of labor required to clean and separate the fibers from the seeds. In 1793, Eli Whitney introduced "teeth" into the cotton gin; the teeth combed the cotton and separated the seeds, allowing cotton to become a tremendously profitable business. Following his invention, cotton production surpassed that of tobacco in the South and became the dominant cash crop.

At the time of the American Civil War, Southern plantations generated 75% of the world's cotton supply (Stearns, 2012). Rise of Capitalism The Industrial revolution not only facilitated mass production it also enabled other factors like capitalism and labor to migrate to those places where it was needed. This led to the arbitrage theory which revolutionized the concept of wages and remuneration paid to workers. Mass production enabled those with resources to grow richer. This led to a division in society called the haves and the have-nots otherwise known as the rich and the poor.

This was the basic truth of the capitalistic form of market and industrial revolution paved the way for this. As people who owned resources started accumulating wealth, they were able to grow richer and start newer industries. Economic activities spurred their growth. Innovation and creative tools were discovered by the rich and this led to the patenting of these tools. These innovations were powered by money and disposal of resources in the hands of the rich and led to a class of people called researchers.

This led to the formation of capital markets and media publicity. One of the greatest impacts of capitalism was the share markets and share trading. After the industrial revolution was over, the world still reeled under the impact of this class of people, which was a social divide (Durkheim, 2014). The history of United States development could never have happened if it was not for the industrialization of the country. The country was able to innovate and create new manufacturing methods and became the leader in manufacturing.

The import and export of core minerals was made possible through transportation and industrial revolution. The lives of Americans changed dramatically after the revolution, as new channels of work emerged. The invention of the steam engine made it possible for factories to migrate and travel. This enabled the shift of skills and mobility of invention to happen (Durkheim, 2014). Influence of Industrial Revolution and Capitalism on the Contemporary Society Industrial Revolution led to capitalism which led to increase in competition in the economy.

Competition in the market has led to increased investments in the world. People value economic supremacy leading to categorization of people based on their ability to raise more money and make new innovations. Organizations are now able to invest in a fast-paced way leading to increased profits in the economy. The capitalism ideals that were later emphasized and promoted in many markets in the world have greatly impacted in the way people work. Economic activities are carried out more actively as people yearn to better their lives through increased money (Stearns, 2012).

Conflicts between the laborers and the owners of organizations continues to be lower as competition for better and quality laborers forces the employers to provide good payments and higher wages to employees. Industrial revolution have led to improvements in other areas such as agriculture as better equipment are now available leading to better services in the market. Better clothes from cotton have been made as a result of better machines and increased activities in the world. Global businesses prospered and countries engaged in specialization for production of products that they have an edge in. without Industrial Revolution and capitalism policies, the world would be different today as there used to be hard labor and labor-intensive production (Spielvogel, 2010).

References

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