Capitalism During The Industrial Revolution

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In the 18th century, Britain went through a monumental movement known as the Industrial Revolution. Although it started in Britain, the industrial revolution expanded to different places in Europe and America for as long as 1840. The Industrial Revolution was the process of change from a handicraft economy to one dominated by industries and machines. The invention of new machinery led to factories, controlled by the upper class and worked by lower class citizens. The growth of factories and industry during the Industrial Revolution created a new economic framework, in an economic system called capitalism. Although capitalism was not new, the way it was exercised during the Industrial Revolution had never been seen before. Capitalism is an economic …show more content…
New advanced machinery was bought by the rich, who opened up large factories. This created thousands of jobs, that did not require high skilled workers. Many local people were willing to work there, along with thousands of others who moved to the Northeast just to fill these open job slots. With a long line of people that were willing to work for them, factory owners could pay workers as little as they wanted. This resulted in workers being paid as low as eight to ten dollars a week. Workers also had to work fourteen to sixteen hours a day, meaning they were paid around ten cents an hour. Factory owners were happy with this, because they were making great profit from the cheap labor. Not only did the working class have tiny wages, they also worked in factories that were dull and often dangerous. Some machines did not have many safety precautions, resulting in numerous accidents. Most machines spit out smoke, and many workers ended the day covered in black soot. Along with the horrible working conditions, the working lower class had poor living conditions as well. Most workers lived in an impoverished neighborhood known as the slum, where five to nine people often slept in a single apartment. Many people got sick, and disease spread quickly because of the tightly packed space. As a result of the open job opportunities in factories, industrialized areas became overpopulated, leading to horrible working and living conditions for the lower

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