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Historical Analysis Of The Economical Breakthroughs Of The Industrial Revolution

1396 words - 6 pages

A Historical Analysis of the Economical Breakthroughs of the Industrial Revolution

During the Industrial Revolution, many elements of society experienced huge breakthroughs that would change the way they functioned forever. Economics were definitely one of them. With many new inventions and many factories appearing, many, many, more resources were being created than ever before. Also, all of the revenue from these resources was being given to entrepreneurs instead of nobles and royalty, and the people who worked in their businesses expected payment instead of food, protection, and shelter. All of these changes required for the people involved in industrialization to rethink how to ...view middle of the document...

Adam Smith declared in his book that if this economy was perfectly executed in a society, it would use people’s naturally selfish actions to the society’s advantage, getting the ultimate best from the society, making it prosperous, innovative, and equal.
During the revolution, capitalism was used as the dominant form of economy in England. This helped England’s economy become consistent and organized throughout the country. However, it also posed certain, significant, problems. In order for the perfect capitalism to be achieved, every citizen had to begin equal. This was not the case, as many descendants of nobility and very early entrepreneurs started England's switch to capitalism with a lot more money than most other people. This threw the economy out of balance, and two extremely different social classes began to form, one that was extremely spoiled with riches, and another, that was almost too poor to survive. Another flaw in this idea was that it didn’t consider things used by the community that do not benefit any single person in particular. Although Capitalism helped England consistently move away from feudalism as a country, it’s flawed use caused significant problems in the country’s social balance.
The other greatly significant economical breakthrough defined during the industrial revolution was socialism. This was defined by a German philosopher, Karl Marx. Ironically, socialism would have never been a defined economy if it wasn’t for capitalism. Karl Marx identified the key flaws in capitalism, and stated in many of his books, including one of his most famous, The Communist Manifesto, he stated that these flaws would be the bane of capitalism. He stated that eventually, the working class would be so big and so poor, that it would rise and overthrow the government and leave a communist society in it’s place. He believed that the entire world would do this, and that the world afterwards would be a perfect communism, which would be without a state (formal government). Karl Marx did not explain communism in detail, because he thought it would come naturally when the time came, but he presented some elements it would have (which tend to contrast greatly to capitalism), including complete equality, and the society acting as a whole, instead of each individual acting selfishly. It would be a The elements of communism that he described are put together to form socialism, a form of economy and society that can operate under a government, as communism requires the entire world to be a part of it in order to succeed.
In a socialist economy, everyone strives towards one goal. The society aims for goals that will benefit the entire community, and people rarely get the opportunity to act out of selfishness. Everyone’s contributions directly goes to the society as a whole, and it is the society’s responsibility to use their contributions to benefit everyone equally. This idea is the opposite of capitalism's emphasis on selfishness. Though,...

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