Social consequences of First Industrial Revolution
The Industrial Revolution significantly transformed the social aspects of global affairs. Rapid urbanization is among the social impacts of this revolution. Cities and other urban developments emerged as communities moved to areas with industries (Wilde, 2017). Urban development led to numerous challenges that include the spread of infections and poor housing conditions. The impacts of urban development are what make it a significant effect of the revolution. Campaigns for the rights of children and employees are another social impact of the Industrial Revolution (Wilde, 2017). In an effort secure children and employees against exploitation, labor laws were enacted. Since these laws apply today, it is reasonable to consider the labor campaigns to be significant impacts of the revolution.
Contribution of First Industrial Revolution to the rise of capitalism
The key feature of capitalism is that private individuals own and operate factors of production. There is limited government interference. The origins of capitalism can be traced to the First Industrial Revolution. This revolution facilitated the rise of capitalism as it encouraged investors to commit their resources into factories (Arellano, n.d). The revolution also resulted in a rise in industrial production and increased demand for raw components. Another impact of the revolution is that it promoted global trade. The Industrial Revolution also resulted in the development of new technologies and inventions (Arellano, n.d). This development also boosted investment in transport infrastructure and facilitated the growth of such industries as agriculture and communication. These impacts of the revolution set the stage for the rise of capitalism.
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Rise of capitalism and development of communist theory
Capitalism and communism are two parallel economic approaches that are closely linked. It can be argued that communist theory emerged in response to the rise of capitalism. Capitalism introduced many ills that plagued society. For example, the exploitation of employees was a result of capitalism. As they sought to maximize profits, industrialists made employees work for very long hours and for little pay. Essentially, capitalism created two classes: the wealthy owners of capital and the poor workers. Communist theory sought to address this imbalance and to empower the poor workers (“Communism and Computer Ethics”, n.d). It promoted a system where the poor seized the factors of production and gained power.
Differences between capitalist and communist theories
Communist and capitalist theories are fundamentally distinct. One of the main differences lies in the ownership of property. While capitalist theory encourages private ownership of property, communism despises and is strongly opposed to private individuals owning property (“13b. Comparing Economic”, n.d). The communist theory holds that instead of a few individuals owning property, all property must be shared. The other difference concerns the role of the government. Whereas capitalist theory calls for limited government involvement in commerce, communism encourages government involvement (“13b. Comparing Economic”, n.d). The communist theory contends that the government involvement is needed to ensure that the rights of the people are safeguarded.
References
13b. Comparing Economic Systems. (n.d). Retrieved 29 th August 2017 from
http://www.ushistory.org/gov/13b.asp
Arellano, E. (n.d). Development of Capitalism during the Industrial Revolution. Retrieved 29 th
August 2017 from http://www.coedu.usf.edu/main/departments/seced/webq/Social%20Studies/Economics/Erika_Arellano/Powerpointpresentation.ppt
Communism and Computer Ethics. (n.d). Retrieved 29 th August 2017 from
https://cs.stanford.edu/people/eroberts/cs201/projects/communism-computing-china/index.html
Wilde, R. (2017). A Beginner’s Guide to the Industrial Revolution. Retrieved 29 th August 2017
From https://www.thoughtco.com/guide-to-the-industrial-revolution-1221914
