The Study of Capitalism

A detailed Summary of The Study of Capitalism


The Industrial Revolution, Karl Marx & Max Weber.

The powers that were in place for over a millenium were violently shifting. The 19th century was a time filled with revolution & revolutionaries. Industrialization and capitalism were plowing the feudal system into oblivion. The Industrial Revolution created new social classes and, new forms of labor. Karl Marx and Max Weber tried to explain and understand this change.

The structure of western society changed forever because of the Industrial Revolution. New technological advances in communications, transportation & mass production were changing the way people lived & worked. These changes were so powerful that the ruling aristocracies of the time feared industry, because it would effect their dominance & social power.

The Industrial Revolution was a time of invention. The creation of the steam engine or the atmospheric engine as it was originally named, changed transportation and mass production forever. The introduction of steam power replaced human and animal power in the pro


duction of goods & services. Steam power was utilized in transportation through locomotives and steamships, which later evolved into warships. Advances in communications & transportation made the world a smaller place. Information began to be transferred quickly. The media began to be more up to date because people were now linked globally through the telegraph.

In the new technological times there was a need for the specialization of the workers in the industry. According to the Bendix readings: Specialization made the lower workers or proletarians experts in their fields, but left them with a narrow knowledge which prevented them from rising in status.

Marx felt that capitalism would fail for two reasons. The first reason being that capitalism was based on the industrial cycles of the market. Capitalism depended on over production and the creation of new markets. It survived reoccurring inflation and deflation crises by the destruction of products, and exploitation of old markets. Marx felt that this was an absurdity and it wa

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Category: Politics

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