Capitalism And The Industrial Revolution

Capitalism was a very strong form of government in fact, it was so strong that it was one of the factors that led to the evolution of the Industrial Revolution. Capitalism is a form of government where it’s based on open competition in a free market, in which individuals and companies own the means of production and operate for profit. The Industrial Revolution that began in 1780 in England, was a time shift from using hand tools to machines producing the demands of humans. Through out the growth of capitalism, proletariats and the wealthy began to question themselves on the effects of capitalism on society, the nature of human beings, and the ideal social and economic situation. Even though proletariats and the wealthy were quick to agree

It is through his effort of creating Americas largest steel industry that he becomes one of the wealthiest entrepreneurs in the 19th century. Since the Industrial Revolution began to replace hand made products most of the workers lost their job positions and Andrew’s father happened to be one of those people. Having his father lose his job position as a skilled weaver they were force to migrate to Pennsylvania where Andrew gets his first job as a bobbin boy and eventually work his was up as superintended in the Pennsylvania Railroad. Andrew then leaves the Pennsylvania Railroad only to build his own company. As time goes on Andrew’s “empire” (company) continues to rise through boom-and-bust business cycle. The boom-and-bust business cycle is the decrease prices in other competing companies only to be bought at a cheaper price than what they were originally. Carnegie then sells his empire to J.P. Morgan for $250 million and retires as a wealthy man. Carnegie who comes from a poor family begins to ponder about the poor people and how they weren’t receiving enough money under a capitalism