Question

write about industrial capitalism

Answer 1

Industrial capitalism is a system both social and economic whereby industry and resources are owned by few for profit. In this capitalist system means of production were privately owned. America witnessed the growth of Industrial capitalism in late 19thcentury and early 20th century. . In any capitalistic state, property is privately owned and is protected by the supreme law of that state. Thus in the rise of industrial capitalism, we are looking at starting of when individuals in a society started acquiring property privately.

The rise of industrial capitalization was as a result of five main view points which include: conspicuous consumption, great monopoly, scientific management and difference in living standards. According to Thorestein Veblen on his conspicuous consumption theory stated that rise of industrial capitalization was as a result of wealth accumulation to a few number of people, thus the wealthy developed more in function and structure as a result of having access to more goods and services. Thus there arose a difference in class structure. This was further enhanced through inheritance of wealth and inheritance of gentility. With the inheritance of gentility came the inheritance of obligatory leisure. Thus those who were born wealthy outranked the others born in less wealthy families thus the unlucky to be born in the poor families became the servants of their masters.In this case to rise the ladder from the lower level to high level could take decades of years if not centuries. This in turn resulted into unequal state. This is referred to as feudalism that brought increased ‘primary accumulation’ of resources or investment capital.