First, let's discuss how Capitalism and Adam Smith's ideas affected society (both positively and negatively). Arguably, the most positive trait that Capitalism introduced to society is the incentive to work hard. People had to work hard so their efficiency would increase, allowing them to compete with others in the marketplace and supply the "best" products and services.
This proved to be beneficial for the economies of the countries that implemented these practices. For instance, Britain experienced a major increase in agricultural and industrial production, with the addition of useful new inventions (such as the steam engine) that revolutionized the modern workforce. The result was that its economy flourished and the population increased dramatically. Foreign trade with British colonies in India and the Caribbean contributed to this economic growth. There was a stronger sense of national pride echoing in the nation. Women were given more opportunities than ever to seek jobs in the domestic service and textile industries, which signified a shift away from the traditional agricultural workforce/family roles women played (and to which they had been limited). The concepts of provincial banking and paper money took off.
Figure 1: This is an illustration of London's Billingsgate Market (a seafood market) in the early nineteenth century. The image captures the spirit and essence of the Industrial Revolution, including the shift from small rural towns to big cities. As well, factories are visible in the background, and consumers can be seen wandering the streets looking for goods to purchase.
However, there were many downsides that came with the rapid industrialization of the western world. The gap between rich and poor became more prevalent than ever before. The industrialists (people who owned the factories, ships, etc.) held all the wealth while the working class lived in horrendous, overcrowded tenements and had no money or prospects, despite working long hours in terrible conditions without proper compensation. Parents would send their children to work in factories, where they would be subject to mistreatment and exploitation. There were also no guarantees that anyone's basic needs would be met, so people resorted to manipulation, monopolies and cheating to succeed.
Figure 2: The image on the left depicts the typical living conditions of the working class during the Industrial Revolution, in dirty, overcrowded, squalid homes. The image on the right shows Andrew Carnegie's house. He was one of the richest industrialists of the time.
Figure 3: This photograph captures young boys working in a factory during the Industrial Revolution.
Ultimately, many positive developments arose from responses to the harshness and injustices of the Industrial Revolution. Some countries, like Britain and the US, saw labourers join forces to form unions that advocated for the rights of workers by lobbying factory owners to provide better working conditions and pay. Meanwhile, political rights improved in Britain, due to the abolition of the slave trade (now that more people were available to work) and the passing of the Great Reform Act, which allowed up-and-coming manufacturing cities like Manchester to have a new voice in parliamentary affairs.
Another 'reaction' to the Industrial Revolution came in the form of Socialism and Communism, which some countries decided to adopt to counteract the spread of Capitalism and its perceived evils. This will be discussed further in part two.
Lastly, I wanted to give you an update on my attempt to contact a history professor at Carlton University. Before I wrote my original blog post, I emailed this individual to see whether they would be interested in speaking to me via telephone about my topic (Industrial Revolution, Cold War, their connection). A couple of weeks later, they messaged me back saying that, unfortunately, they won't have the time to speak to me. As a result, I have decided that instead of trying to directly contact a university professor, I will use some essays/quotes written by professors to get the expert insight instead.
This proved to be beneficial for the economies of the countries that implemented these practices. For instance, Britain experienced a major increase in agricultural and industrial production, with the addition of useful new inventions (such as the steam engine) that revolutionized the modern workforce. The result was that its economy flourished and the population increased dramatically. Foreign trade with British colonies in India and the Caribbean contributed to this economic growth. There was a stronger sense of national pride echoing in the nation. Women were given more opportunities than ever to seek jobs in the domestic service and textile industries, which signified a shift away from the traditional agricultural workforce/family roles women played (and to which they had been limited). The concepts of provincial banking and paper money took off.
However, there were many downsides that came with the rapid industrialization of the western world. The gap between rich and poor became more prevalent than ever before. The industrialists (people who owned the factories, ships, etc.) held all the wealth while the working class lived in horrendous, overcrowded tenements and had no money or prospects, despite working long hours in terrible conditions without proper compensation. Parents would send their children to work in factories, where they would be subject to mistreatment and exploitation. There were also no guarantees that anyone's basic needs would be met, so people resorted to manipulation, monopolies and cheating to succeed.
Figure 2: The image on the left depicts the typical living conditions of the working class during the Industrial Revolution, in dirty, overcrowded, squalid homes. The image on the right shows Andrew Carnegie's house. He was one of the richest industrialists of the time.
Ultimately, many positive developments arose from responses to the harshness and injustices of the Industrial Revolution. Some countries, like Britain and the US, saw labourers join forces to form unions that advocated for the rights of workers by lobbying factory owners to provide better working conditions and pay. Meanwhile, political rights improved in Britain, due to the abolition of the slave trade (now that more people were available to work) and the passing of the Great Reform Act, which allowed up-and-coming manufacturing cities like Manchester to have a new voice in parliamentary affairs.
Another 'reaction' to the Industrial Revolution came in the form of Socialism and Communism, which some countries decided to adopt to counteract the spread of Capitalism and its perceived evils. This will be discussed further in part two.
Lastly, I wanted to give you an update on my attempt to contact a history professor at Carlton University. Before I wrote my original blog post, I emailed this individual to see whether they would be interested in speaking to me via telephone about my topic (Industrial Revolution, Cold War, their connection). A couple of weeks later, they messaged me back saying that, unfortunately, they won't have the time to speak to me. As a result, I have decided that instead of trying to directly contact a university professor, I will use some essays/quotes written by professors to get the expert insight instead.
Works Cited
Capitalism and Socialism: Crash Course World History #33. Produced by John Green, Stan Muller, and Danica Johnson. By Raoul Meyer. Performed by John Green. YouTube. September 06, 2012. Accessed December 10, 2018. https://www.youtube.com/watch?v=B3u4EFTwprM.
Manolopoulou, Artemis. "The Industrial Revolution and the Changing Face of Britain." The British Museum. 2010. Accessed December 10, 2018. https://www.britishmuseum.org/research/publications/online_research_catalogues/paper_money/paper_money_of_england__wales/the_industrial_revolution.aspx.
Morgan, Kenneth, Prof. "Symbiosis: Trade and the British Empire." BBC, February 17, 2011. Accessed December 10, 2018. http://www.bbc.co.uk/history/british/empire_seapower/trade_empire_01.shtml.
Monica, Thank you for your post. Sorry the professor couldn't speak with you. I appreciate you making the effort to reach out and finding a solution that works. Also, I thoroughly enjoyed your blog post. You do a good job of showing both sides of the industrial revolution and the emergence of capitalism. One ongoing criticism of capitalism is that it necessitates a significant gap between rich and poor. For example, in the Industrial Revolution - the workers vs the factory owners and today the fact that much of our clothing is still created by child labourers. I guess my question to you is do you think that a capitalist society can exist that actually benefits all members of society or will it always tend to be designed to benefit a privileged class?
ReplyDelete