Industrial age is the revolution in the economy from one that involved a lot of handicraft to one run by machineries and industries as a daily means of making ends meet. Industrial age has brought a lot of change in our lives most of which has been a tremendous improvement and we are going to look into some key changes that people have experienced in this age. Capitalism on the other hand is the change in how the economy works and the people owning major contributors of the economy instead of these activities being owned by the Government, and by contributors of economy I mean the production of goods and services and their distributions. It is therefore justifiable to say that with emergence of industrial revolution there has been a great growth in capitalism.
Agricultural conditions are some of the major changes brought about by the industrial age. First was the improvement on the working conditions which involved use of machines in farms for planting and harvesting therefore simplifying the work of farmers as well as increasing the production. Quality of crops also improved due to new technique which includes use of fertilizers and enhanced irrigation schemes which ensured agriculture could be carried out in different seasons without expecting poor harvest. The revolution has also improved the storage of food and has further enabled improved ways of turning raw food to edible products that can stay for longer periods without going bad for example the canned food or bottled drinks (Wagner, 2005).
Health is another key area that has experienced a lot of positive change and improvement which include availability of equipment which aid the treatment of patients suffering from adverse medical conditions like cancer or bad accidents. It has also aided in development of improved drugs due to growth in the chemistry field and now research has been enabled meaning finding a cure for most disease is now easier. Besides with good treatment facilities the life expectancy has also improved due to good diet and healthy feeding habits. People have also been taught how well to monitor their nutrition therefore boosting their health conditions.
Transportation has faced great growth as well and unlike 18th century transporting goods and people is much easier. Instead of animal transport industrial age has brought use of machines like vehicles, planes and even trains therefore saving on a lot of time wasted on getting something from one point to another. These means of transportation have also resulted in safer means of transporting goods and reaching out to different parts of the world within a short period of time.
Increase in wealth is as a result of industrial age as well due to improvement in the working conditions, high production rate and good business techniques which are as a result of good education system. Growth in wealth on the other hand gave rise to classes in terms of working and social environment due to income that people are now able to achieve and therefore improve their lives (Amin, 2013).
Capitalism has improved a lot and I believe the fact that it involves major economic players being owned privately has resulted in the unending daily growth. Capitalism in some way has motivated these players because in a way it makes one crave for more success knowing that the more effort they put in the more income and self-growth they achieve. According to Amin capitalism has pushed these individuals to seek for more income and profit other than considering other aspects of economic growth.
Capitalism has been brought about by rise in different things under the industrial revolution which has given power to some individual to own the market and dictate how it runs. These features include growth in technology which has boosted both production and distribution of products to different places of the world. Growth of towns or urbanisation in other words has centralised people and therefore created a suitable environment for capitalism. Through this improvement capitalism has therefore had an impact in improving lives of people in the society since most people now have a source of income therefore better lives.
Rise in capitalism has also had its negative impacts because it has given a blind eye to a free and fair market in that those concerns are only interest in how much bigger they want to grow instead of pushing for ways that will as well improve the lives of people around them. Uncontrolled market means only the bigger players can afford to carry out business as usual whereas the growing businesses cannot live to see the face of tomorrow.
Human development is beyond economic growth or rather capitalism which in this case I consider it as just a portion that if well-developed then growth of human in all directions will be achieved. According to Walton a fair capitalism is one that is sustainable focuses on the human development as well as the economic growth. The interest of capitalism brings out the core differences and the best way to achieve a sustainable growth is to concentrate on balancing capitalism and human development.
Capitalism various, there is one that is inclusive and by the term itself it means the system focuses on all the aspects of growth where profit is made but with consideration of developing the economy and involving other key players in the market. This type also gives opportunity to entrepreneurial growth which gives room to small businesses to venture into the market.
Oligarchy is another type of capitalism as referred by Walton and is also known as destructive since it is centred in profit making, it dictates the cost of products on the market therefore enjoying monopoly and does not at any cost consider human development. To achieve a suitable capitalism that concentrates on all aspects of growth for both the economy and improvement of human life the some factors have to be put in place. First the state must step in to ensure that cost is controlled by formulating ways to control the cost and market and by so doing the state creates a conducive market for all players to participate in as well as balancing the economic growth (Walton, 2010).
Ensuring a balance growth will also require social forces to push for fair capitalism and that is by making sure that whatever actions the players take on the market is of benefit to the human growth as well as the economy in a more positive way. The rise of capitalism that favours human development should be one that is gradual. To achieve the type that ensures that everyone grows gradually as the economy grows then both the state and the capitalist must merge forces to bring about change and ensure accountability in the system.
Studying contemporary capitalism will require one not just to analyse the growth of capitalism but to live it as well. Contemporary capitalism has more to do with the society than just development of the economy. Society growth on the other hand is the growth of all aspects of human that is from availability of basic necessities, good health, and availability of education together with stable political state. Studying capitalism is learning how the production and supply of goods has come to be owned by individuals and what influence they have brought about after acquiring this powers. Capitalism has not only enabled growth of individual lives but it has contributed a lot to the economic growth of the respective societies. Capitalism has brought about the desire to achieve more by this individuals therefore creating more market to make more profit which has in turn pushed for people to go into trade to fit in the changing environment.
Rise in capitalism has therefore forced state to develop ways of managing the market not just to ensure economic growth but to also ensure there is fair growth in the society and that the market can adapt all. First the state has created new market so as to enable those people who had not been reached to get a chance to trade in and also grow economically. The responsible authorities have also been forced to formulate policies that govern the business field and ensure that people or small scale business are not exploited.
Improved capitalism has given rise to a lot of change in the life of human and the environment around them. First the development of stable political environment because with a stable environment trade is enhanced. The welfare of people has also improved since capitalism has brought stable income and the only way to sustain the contributors of these type of economy is by improving their lives. Through capitalism the state is able to ensure the product produce are of high quality and that there is efficiency in the market in terms of supply of goods. Innovation has also been improved because there has been an internal competition between the capitalist whereby every party wants to have a top quality product that attracts a lot of buyers which therefore means more income generated. This does not only favour the capitalist but the growth of the economy in the society because the competition draws more players all over the region.
Industrial age has contributed a lot to the economic growth that we experience today and it is only fair to say that perhaps there could not be any other way the economy would have improved was it not for industrialization. With industrial growth came the innovation of new machines that improved the production rate of food amongst other products and this resulted in the need to sell off these extra foods and products since people were able to produce more than they needed.
Rise of industrialization has also enabled quick transportation of goods from one point to another therefore a larger market has been reached which in turn has generated more income to the capitalist therefore improving the economic growth of the society.
Growth of industrialization has seen technology improved therefore facilitating cheap and efficient labour force that has seen price of products improve and increase in demand which has pushed for more production. Technology has also improved communication meaning a wide market can now be reached easily.
With the growth of industrialization people also developed a desire to trade and create market for their goods now that they were able to produce more goods and ones that other people around the world were in need of. The growth also saw people become innovative and created other ideas which included banking services and by so doing people were given a chance to get involve in business in a more advance manner and one that provided secure means of conducting transactions and this therefore improved the economy (Weil, 2012).
Wagner, C. A. (2005) New Birth of Freedom?: U.S.A. Xlibris Corporation.
Amin, S. (2013) The Implosion of Contemporary Capitalism: NEW YORK. Monthly Review Press.
Walton, M. (2010). Human Development Research Paper 2010/09, Capitalism, the State, and the Underlying Drivers of Human Development: NEW YORK. UNDP.
Weil, D. N. (2012) Economic Growth: U.S.A. Pearson Addison-Wesley.