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Introduction
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People who do not know their past cannot fully understand the main principles of society
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Every period in history has a certain impact on peoples thoughts
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Industrial Age still has a great influence on modern people
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The perception of wealth significantly changed during the Industrial Age
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The emergence of Capitalism along with the Industrial Revolution
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The perception of wealth and business has changed since the times of the Industrial Age
The Industrial Age
General Information
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The Industrial Age started in Great Britain in the 18th century
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The number of factories and plants was rapidly growing
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In production, the main focus was on the separation of standardization and labor
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The optimization of production and maximization of profits for businesspeople
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Many companies appeared during the Industrial Revolution
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The Industrial Age quickly spread to the whole of Europe (Hartwell, 2017)
Main Features
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The transition from manual production to mechanization
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The focus on active consumption and mass production
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The rapid development of technology
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A considerable economic growth
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The improvement of the overall quality of peoples lives
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The development of Capitalism
Disadvantages
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The limited access of the working class to the goods they were producing
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The growing power of wealthy people in the sphere of economy
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The increasing social stratification
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It was very difficult for poor people to start their own business
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Task separation
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The decreasing control over the competition
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It was almost impossible for low-income people to improve their financial situation (Mantoux, 2013)
Capitalism
Main Peculiarities
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Capitalist society appeared in the 18th century
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The first reason for the occurrence of Capitalism is the rapid development of technologies
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The second reason is the increasingly growing population
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Positive changes in the agricultural sector
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The increase in the economic growth
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Capitalism and Socialism are incompatible due to major differences between them (Hudson, 2014)
Disadvantages of Capitalist Society
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The increasing control over resources by wealthy people
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The growing chasm between the working class and the upper class
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The introduction of certain rules and restrictions on factories and plants
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The reduction of the government control overproduction
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Fewer opportunities for poor people to become successful
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The growing indignation of the working class
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The increasing environmental pollution (Mantoux, 2013)
Contemporary Society
Capitalism Today
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The main principles of Capitalism have not changed since its occurrence
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The focus on consumption and mass production has become even stronger
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Environmental pollution has become a major problem
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The negligence towards safety restrictions
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The suppression of democracy
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The increasing propaganda
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The problem of social inequality remains (Amin, 2014)
The Perception of Wealth
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A survey regarding the business peoples perception of money, wealth, and the process of production was conducted
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The age of participants was from 27 to 38 years
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90% of respondents agreed that the increased consumption is one of the main features of progress
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60% of respondents believed that it was more efficient to focus on the quantity of production rather than on quality
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80% of respondents admitted that it was very difficult for people from the low and middle classes to become successful
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60% of respondents agreed that in modern business, people are not regarded as resources
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Almost all the respondents admitted that maintaining a competitive advantage is crucial in modern business (Amin, 2014)
Conclusion
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Industrial Revolution caused many changes in the sphere of business.
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Capitalism changed peoples perception of business, wealth, and production.
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The key features of capitalism are profitability, social stratification, task separation, and the decrease in the government control.
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Employee effectiveness fully depends on employee happiness.
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The increasing number of employers focus on creating a positive work environment.
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Still, many employers regard their subordinates as resources.
References
Amin, S. (2014). Capitalism in the age of globalization: The management of contemporary society (2nd ed.). London, UK: Zed Books Ltd.
Hartwell, R. M. (2017). The industrial revolution and economic growth (Vol. 4). Abingdon, UK: Taylor & Francis.
Hudson, P. (2014). The industrial revolution. London, UK: Bloomsbury Publishing.
Mantoux, P. (2013). The industrial revolution in the eighteenth century: An outline of the beginnings of the modern factory system in England. London, UK: Routledge.
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