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annotated-AnnotatedBibliographyfortheAnalysisoftheImpactofIndustrialRevolutionandRiseofCapitalism.NJ.docx.pdf
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Nickflor Jean
John Isenhour
CHAMBERLAIN UNIVERSITY
8/5/18
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Annotated Bibliography for the Analysis of the Impact of Industrial Revolution and
Rise of Capitalism
Introduction
The industrial revolution is a concept that is traced back in history, and one that
led to a change in the fortune of the world. The benefits that came with the industrial
revolution are unmerged and transformative. The industrial revolution, which started in
Britain, spread to the Americas and the rest of the world. In this paper, I shall discuss five
journal articles and discuss the main concepts that they entail in regards to the topic under
discussion. The thesis of the paper is based on the impact of the industrial revolution and
the rise of Capitalism.
R.M. Hartwell, The Industrial Revolution and Economic Growth, Methuen
and Co., 1971, page 339–341 ISBN 0-416-19500-8
According to the writer of this article, an Industrial revolution led to mass
production and also facilitated the migration of factors of production such as capital and
labor to other remote areas. This resulted in the arbitrage theory which revolutionized the
concept of compensation and wages paid to the workers. The increased production helped
those who had resources to grow rich. This led to societal divisions, the rich and the poor,
also called the haves and the have-nots. Capitalism and industrial revolution led to this
societal divisions. The rich also started new industries which made them even richer. The
industrial revolution also led to inventions and innovations which the rich patented.
Money was key in the development and formation of these innovations and thus led to
media publicity and capital markets. Capitalism led to the promotion of share trading and
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share markets. The industrial revolution took a long time and led to a lot of developments
and advantages but still, its impact is felt to this day. The people or families who acquired
wealth and became rich during the industrial revolution still run him the world.
White, M. (2009). The Industrial Revolution. Retrieved From
https://www.bl.uk/georgian-britain/articles/the-industrial-revolution
According to White (2009), the Industrial Revolution changed the infrastructure
and Landscape of Britain. He describes it as the age of canals, factories and steam. Before
the emergence of an industrial revolution, most economic activities were agriculturally
based. If it's the issue of textiles, they were done in homes or small workshops where
they employed a handful of people. The introduction of an industrial revolution, in terms
of new technologies and techniques, paved the way for the expansion of production an
era of change. There was increased production of agricultural produce which was enough
for the people and even had a surplus. There was enough factory labor because most of
those who did not find work in the agricultural firms shifted to the cities in search of new
opportunities. The development of steam technology helped in empowering of machines
ad this replaced old forms of technology that had dominated the manufacturing sector.
The invention of Iron Manufacturing led to the development of better and durable metals.
There was also the development of transportation networks as the miners wanted to find a
way of transporting their minerals and agricultural products to the market. The people
who invented these machines patented them and thus making them richer. For example,
Richard Arkwright discovered the water frame, which was used for mass spinning and he
patented it.
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Ates, D. (2008). Industrial Revolution: Impetus behind the Globalization
Process. Pp 31-48, PDF
The article cites that the industrial revolution started in Britain, where they
detached from the leadership of the pope in 1534. With the support of the Protestant
churches, all the money that was being directed to the Pope was given to the King and
thus improving his financial position. There was the abolition of the chantries ad
monarchies which gave rise to the rise of the education system. Under this system,
Thomson (2008) notes that it led to individualism and a more scientific outlook. The
scientific laws of nature were likened to the laws of God which represented an
intellectual climate. There was the introduction of the laws of demand and supply which
helped in regulating the free market and also regulated the wages to the laborers. The
introduction of free entrepreneurship led to the emergence of new rich groups of people.
Trade needs peace and security, therefore, there was a need for a centralized government
coupled with law and order. The traders needed protection from foreign competition
while the government had to have finances to support the traders and run the economy. It,
therefore, led to the introduction of taxes to help finance the government.
Industrialization also promoted new industries and the owners of such industries
accumulated a lot of wealth.
Scherer, F.M. (2010). The Dynamics of Capitalism. Chapter 6, 3-42. PDF
The writer begins by explaining the economic relationships during the industrial
revolution. The advancement of technology was also key to the development of industrial
revolution and capitalism. There were various dynamic forces that came into place due to
the industrial revolution and this article focus more on such dynamics. They include the
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structural changes in the management of enterprises, changes in technology, variations in
economic activities, and increased income distribution. The writer explains that
technological advancements were key in the expansion of goods and services According
to Karl Marx and Friedrich Engels, "[The bourgeoisie] [Marx term for capitalist class]
has been the first to show what man's activity can bring about. It has accomplished
wonders far surpassing Egyptian Pyramids, Roman Aqueducts and Gothic cathedrals."
According to these two economists, capitalism has created more industries and led to the
growth and development of economies, more than any other philosophy before. There is
a candid description of how inventions and innovations took place during the industrial
revolution. Scherer observed the schematic view of the Innovation Theory, which suits
this case because there are many economic models that describe innovation and
invention.
Vries, J.D. (1994). The Industrial Revolution and the Industrious Revolution.
The Journal of Economic History, Vol. 54, No. 2 Pp 249 – 263. PDF. ISSN 0022-0507
The author introduces the concept of industrious revolution because he felt that
the industrial revolution had some shortcomings which had to be ironed out. According to
the industrious revolution view, there was the reallocation of household-based resources
which increased the goods that could be marketed. This view is not very different from
the industrial revolution as they both focus on the importance of the advancements that
came with the revolution. The author also states that the industrial revolution was so
important that it affected life's yonder. The author states that the industrial revolution
does not give a clear history. Joel Mokyr revealed or exposed the loopholes of the
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industrial revolution but still, it remains a rich source of history and a turning point in the
economic status of the universe.
