In the early 19th century, the Industrial Revolution began in England to improve the living standards of people, which quickly spread to western Europe, North America, Russia and Japan. New machines, such as the steam engine and the cotton gin, and factories transformed the agricultural societies into industrial societies. With the development of new technologies, economic production increased as high-quality goods and services were produced quickly, cheaply and more efficiently. In addition to economic change, a great change in society changed as well. The new work environments, factories, moved work outside homes, sending fathers, mothers and children in different directions, affecting traditional domestic life. Industrialization inspired
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Smith specifically believed that if all individuals pursued in their self-interests, it would surely create an economic system that will benefit all. In addition, that anything can be achieved, depending on how much labor is put in, as the amount of labor is the cost of any product or service. Carnegie too believed in dedication and the power of the individual to create his own destiny through hard work in the enterprise market, especially with a sense of Darwinism, where only the fittest will survive, or in an economical sense, only those who can achieve fortune will receive greater fortune. However, his views on class inequality partially match with Marx’s views. Marx criticized capitalism during the Industrial Revolution because the social injustice that arose, continuing from the Middle Ages, where the bourgeoisie dominated the economy while the working class suffered tremendously. Believing that capitalism was a flawed system as it led to class conflicts, Marx believed in communism was the ideal system to benefit all individuals equally. By overthrowing the wealthy and seizing their private property, those who work hard in society will surely gain. Carnegie, however, was not a communist. Instead he believed in the idea of “administration of wealth,” that the wealthy individuals had a responsibility to distribute their wealth throughout their lifetime to the community such as donations and charities. Smith supported capitalism, Marx was against capitalism, whereas Carnegie took sides from both perspectives. In a sense, all three were great intellectuals whose ideas are implemented in our society today. Our modern day countries of the United States and England stuck with the system of capitalism because how well it worked out, as where countries like China took over communist ideas and became a communist country.
Smith specifically believed that if all individuals pursued in their self-interests, it would surely create an economic system that will benefit all. In addition, that anything can be achieved, depending on how much labor is put in, as the amount of labor is the cost of any product or service. Carnegie too believed in dedication and the power of the individual to create his own destiny through hard work in the enterprise market, especially with a sense of Darwinism, where only the fittest will survive, or in an economical sense, only those who can achieve fortune will receive greater fortune. However, his views on class inequality partially match with Marx’s views. Marx criticized capitalism during the Industrial Revolution because the social injustice that arose, continuing from the Middle Ages, where the bourgeoisie dominated the economy while the working class suffered tremendously. Believing that capitalism was a flawed system as it led to class conflicts, Marx believed in communism was the ideal system to benefit all individuals equally. By overthrowing the wealthy and seizing their private property, those who work hard in society will surely gain. Carnegie, however, was not a communist. Instead he believed in the idea of “administration of wealth,” that the wealthy individuals had a responsibility to distribute their wealth throughout their lifetime to the community such as donations and charities. Smith supported capitalism, Marx was against capitalism, whereas Carnegie took sides from both perspectives. In a sense, all three were great intellectuals whose ideas are implemented in our society today. Our modern day countries of the United States and England stuck with the system of capitalism because how well it worked out, as where countries like China took over communist ideas and became a communist country.