GKE Task 4
The Industrial Revolution was the change from hand crafted products and small farming operations to machine manufactured products and large scale farms using more mechanical equipment. While the birthplace of the revolution was in Britain around 1760, one similar took place in America from 1790 to 1870. Britain had tried very hard to keep the monopoly on its industrial technology, however this couldn’t last forever. Some of the British saw the potential of profitable opportunities and took this knowledge abroad (Industrial Revolution, 2013)
With any major change in a society has consequences. One social consequence of the ...view middle of the document...
They were basically disposable. This led to homelessness, destitution, crime, spread of disease and prostitution (Social Effects of the Industrial Revolution, 2008).
The Industrial Revolution also brought about capitalism. Capitalism is an economic system characterized by private or corporate ownership of capital goods by investments that are determined by private decision and by prices, production and competition in a free market. It is a way of organizing an economy so that the things that are used to make and transport products (such as land, oil, factories, ships, etc.) that are owned by individual people and companies rather than the government (Merriam-Webster).
As industrialization grew and improved with larger factories and more efficient production, so did capitalism. With new advances in farming and technology, the goods needed by factory owners to manufacture their products were more readily available and cheaper. So factories could produce finished product faster and make better profits. Business owners found that it would benefit them to invest in these desired goods before they went to factories. They would then in turn control the supply and cost of the goods. This would drive up the cost of finished product and this cost was passed on to consumers while the investors made a handsome profit. Some business men would invest together. This concept helped businesses to evolve and corporations emerged. Capitalism was now the way business was done (Capitalism During the Industrial Revolution, 2008).
This rise of capitalism wasn’t welcomed by all. Profits from the industries...