Capitalism is the social system that has the means for producing and distributing goods, that are owned by a small minority of people, known as the Capitalist Class. It is based on private ownership and the creation of goods for services. Capitalists were the people that owned a large portion of land and had money. Aside from the Upper Class people being the capitalists, the inventors and entrepreneurs were also a part of the Capitalist Class.
The capitalists/inventors during the Industrial Revolution were people who changed the world with new innovations. Thomas Newcomen, an English inventor, was born in February 1664, and created the Newcomen steam engine in 1712. James Watt, who was born January 19th 1736 in Scotland, created the Watt steam engine. This was an improvement to the previous model, the Newcomen steam engine. This was a fundamental step to bring the necessary changes during the Industrial Revolution.
The Newcomen steam engine was created to make life easier for miners in England. This made it possible for the miners to pump water out of the mines, in order to find and receive the coal. This was a revolutionary step used to create a better steam engine. James Watt used those ideas to create his own version of a steam engine. The Watt steam engine was a much more efficient model, therefore able to be used in cargo trains for trading coal and other natural resources between different cities and countries across Europe.
Would it have been possible to have the industrial revolution without having the capitalists part of it?
ReplyDeleteNo, the Industrial Revolution would not have been possible without the capitalists. The capitalists were the driving force of the Revolution; their ideas and beliefs helped further technology and businesses. Without capitalists spreading their vision for a free-market economy, industries and companies would not have been able to flourish as they did.
ReplyDeleteDo you yourself believe in capitalism? Why or why not?
ReplyDeleteYes, I do believe in capitalism. I think that it is the only form of government that truly works. If someone works hard, I believe that they should be rewarded for that. Capitalism allows and encourages innovation, which puts pressure on people to create new businesses and products. It also gives power to individual consumers, rather than tyrannical governments because they are the ones that control demand.
DeleteWhat were the advantages and disadvantages and of Capitalism towards the market aspect? Please explain.
ReplyDeleteWhat happened to those who weren't born wealthy or who didn't have the opportunities that the wealthier did? Doesn't capitalism make the rich richer, and the poor poorer ?
ReplyDeleteCapitalism allowed people of all classes equal opportunity to thrive. It created jobs for people who otherwise would not be able to find work and survive. The theory is that the wealth "trickles down" from the rich to the poor. The "rich" create businesses and companies that create jobs for the "poor". The workers then have opportunities for advancement and can support their families.
DeleteHow did Capitalist at this time describe the different classes of society?
ReplyDeleteCapitalists at this time were described as the wealthier members of society, such as business/factory owners. However, the rising middle class is sometimes also referred to as being capitalists. Truly, any individual who believes in capitalism is a capitalist, but the richer members of society were most commonly portrayed as such because they were the ones who most obviously benefitted from the Industrial Revolution.
DeleteA capitalist market is dependent on the "push" of consumers, so there are no limits of wealth a person can receive through progression in the economy. This economy provides choice in both purchase and employment opportunities while also allowing resources to be distributed according to consumer demand, making it an overall more productive market. through capitalism, firms are inclined to produce with greater efficiency to ensure the highest level of productivity, bettering the economy as a whole. As a certain company's proficiency improves so does the ability of people to move through social class because of the increase in wealth available. profit maximization is one of the main priorities in a capitalist economy- this is produced by meeting consumer wants/needs. A disadvantage is firms that have been able to gain monopolies early on in the market development often push out smaller firms due to the high levels of competition.
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