Rise of Industrial Capitalism Essay Sample

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Essay Title- Rise of Industrial Capitalism

When we talk about industrial capitalism first we have to understand the term capitalism. Capitalism existed even before industrialization. It is the setting that supports the big capitalists, who have a lot of capital. This is sort of a private ownership of the goods and services

Capitalism arose from the colonialization time where the traders used to have the power of the money exchange. It increased globally with trade. It led to the industrial revolution in the 19^th century.

Industrial Capitalism

After capitalism reached the globe the industrial countries wanted to grab the low developed country’s land and resources so they can grow themselves at the cost of the other countries’ resources. It started with the transition from manufacturing to the various industries, the transition from the hand made things to the industrial products, development of the machinery and the mass consumption.

The import of the countries got dependent on these big industrial companies which posed high prices for the commodities. Industrialization in literal terms meant the factories and the labor who are wage earners and who were dominated by the landholders. It was actually a new socio-economic setting that was dominated by big industrial entrepreneurs.

Effect of Industrial Capitalism

• According to Marx, this setting exploited the weaker section which called capitalist exploitation. Marx saw it as an uncontrollable monster that will increase the gap between rich and poor.
• While on the other hand according to ‘Rostow’ who was an American economist and told about the three stages of the development, “industrial capitalism was the evolutionary process for an economy. He said that in early times industrial capitalism can lead to the imbalances but later on it will lead to a sustainable equilibrium. This sort of setting creates the mass consumption of commodities and resources.
• The trigger from a primary sector to the secondary sector was the rise in the population in the whole world which generated the needs of more commodities and as a result the mass production. After the mass production, it led to the mass consumption of the products which actually changed the whole pattern of production. It required lots of technological changes in the production process. Machines tookover the place of labor. So the capital-labor ratio declined. There was even a shift in wants, preferences of the consumers due to the advertising. Industrial capitalism in a real sense further created the needs and wants of the consumers which metaphorically can sound as imposition of the ideas of needs.
• The base of industrial capitalism was profit. It did not take care of the overconsumption of resources and the sustainability of the resources. 19^th century had witnessed in the overconsumption of the land for industrialization purpose which led the shift from an agriculture-based society to the industry based economy in Europe.

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• It led to the demise of small scale industries and traditional industries as for example handicrafts, weaving industries, etc. Industrial capitalism raised the competition to that level that the small and marginal industries lost their share of the market.
• It created more urbanization and that further led to more polluted cities. The concentration of people in cities increased due to the availability of industrial work. This triggered the poverty as there was not that much employment generation and led to more homeless people in cities. Big slums in developing countries are resultant of capitalist policies.
• It also led to the big cartels of tariff which favored the developed countries and made the low developed countries worse off.
• Laborer’s conditions became worse as there were no labor laws existing at that particular time which resulted in the exploitation and commodification of labor. It intensified the poor living conditions of them.
• Big industries were popping up without any proper regulations which resulted in harsh conditions of working, the involvement of child labor and women without any proper care shelters for pregnant or sick people at the workplace, long hours of work, etc
• It also created the gap between rich and poor and the trickled down theory did not work in the favor of the poor.
• The environment was not given proper attention and biohazardous waste and exploitation of resources made the environmental change which can be reflected by today’s climate change process.

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