Question

What is meant by Industrial Capitalism?

Answer 1

Hint: The rise of industrial capitalization can be viewed as a result of five fundamentals which focus on obvious utilization, awesome monopoly, logical administration and contrast in living benchmarks.

Complete answer: Capitalism is a system that promotes the presence of capitalists," and a capitalist is one who has obtained capital; one who has cash resources for employment in monetary or industrial enterprises." This is an "economic system characterised by corporate or company ownership of capital goods, by expenditures that are controlled by voluntary choice rather than by state control, and by price levels, production, and the exchange of goods that are mainly determined by a free market." Before the advent of industrial capitalism, capitalism existed mainly in the form of commercial or entrepreneurial capitalism. The roots were in the trade ties and routes built up, often over thousands of years, in various parts of the globe. With the emergence of money as a medium of trade, with its methods of managing payments for material commodities that were gradually transported over very long distances through Africa, Asia and Europe and after the colonization of the Americas, even across the Atlantic, this merchant capitalism became more and more sophisticated. Karl Marx started to more thoroughly examine the concept, seeing it as a distinct step in human society's long evolution. To him, feudalism was followed by industrial capitalism based on factory work and wage labour, a system in which the owners of vast landed estates developed their superiority over the mass of dependent peasants. This feudal system, according to Marx, suffered enormously from its inner complications and the conflicts between the exploitative landlords and the oppressed peasants that it had created. In Marx's opinion, these contradictions had become so extreme by the eighteenth century as to cause a revolution from which a new social structure, industrial capitalism, was born.

Note: In it the bourgeois capitalist entrepreneur displaced the feudal lord and used wage labour to manipulate proletarianized factory workers. These members of the working class were determined to challenge industrial capitalism in the long run and to stage a further revolution that would eradicate capitalist inequality and contribute to eternal peace and harmony characterised by an egalitarian and democratic communist society.