The Industrial Revolution

Topics: Capitalism, Marxism, Karl Marx Pages: 4 (1325 words) Published: May 13, 2013
Final Project

From the beginning of the Industrial Revolution to the present day, the structure and culture of the American workplace have been affected by many forces, among them capitalism, technology, globalization, and issues of equality. Describe these forces in detail and analyze their impact on the structure and culture workplace.

Capitalism is an economic system that is based on the private ownership of capital or the means of production and the creation of goods and services for profit. Some of the elements central to capitalism include capital accumulation, competitive markets and a price system.

Capitalism has been dominant in the Western world since the end of Mercantilism. It was fostered by the Reformation, which sanctioned hard work and frugality, and by the rise of the industry during the Industrial Revolution, especially the English textile industry. Unlike earlier systems, capitalism used the excess of production over consumption to enlarge productive capacity rather than investing it in economically unproductive enterprises such as palaces or cathedrals. It is now widely recognized that a new global economy is emerging. It is characterized by the transnational flow of capital, goods, services and labor; by greater national specialization and increased competition across borders; and by the use of new technologies that radically disrupt traditional ways of doing business. In seeking competitive advantage, the United States has targeted a niche for itself at the top of the world economy: It has opted to use the highest technology, to have the most capital- and knowledge-intensive industries, and to produce the highest quality and highest value-added goods and services. Surfing the crest of this giant wave is not easy: To maintain its prosperity, the U.S. economy must be in a state of constant change, driven by a process of “creative destruction.” Inefficient products, companies and entire industries continually need...
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