The Interaction of Capitalism and IndustrializationCapitalism is one of the oldest economic systems in the world today and is founded on the concept of private ownership: what’s mine is mine and what’s yours is yours. It is also founded on the private ownership of all aspects of production, such as investment capital, land, and labor that is employed to create profits. Many scholars view capitalism as being synonymous with the free market system. Some have argued that capitalism is the protection of individual rights and property rights.[footnoteRef:1] Industrialization is a term very closely connected with the industrial revolution. Industrialization refers to the journey/procedure via which a region or local economy metamorphosizes from one founded on the dependence of agrarian pillars (such as farming) to one that is founded on the manufacture of goods. Via industrialization, manual labor on the small scale is replaced by mass production through mechanized means, and lines of people working in an assembly replace individual crafts people. While not perfect, industrialization is often connected to things like an economic boom, the division of labor in society, harnessing technological innovation as a means of solving problems, rather than keeping a primary focus on using individual control or strictly human-centered solutions. This paper will examine the interaction between capitalism and industrialization in America comparatively with these forces in China and discuss why the manifestations were so different. [1: Jeff Landauer and Joseph Rowlands, 2001. Retrieved from http://www.importanceofphilosophy.com/Politics_Capitalism.html]
In America, there was a very clear relationship between capitalism and industrialism: the two supported one another in a symbiotic way. They both helped spur one another’s...
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