Rise of Capitalism

By Emilio O. and Hernan R.

Historical Background

Capitalism is an economic and political system in which a country´s trade and industry are controlled by private owners for profit rather than by the state. Capitalism started in the 19th century. Adam smith, Thomas Malthus, and David Ricardo where important leaders who influenced capitalism.

Impacts of Capitalism in Great Britain during the Industrial Revolution

The social impact of capitalism is Thomas Malthus argued that population tended to increase more rapidly than the food supply. The economic impact is Malthus and Ricardo believed that a permanent underclass would always be poor in a market system. The political impact is Adam Smith, Malthus, and Ricardo opposed government efforts to help poor workers. They thought that creating minimum wage laws and better working conditions would upset the free market system.

the impact of Capitalism on the world during the industrial revolutions

in social, many people started working in factories, they started to move to urban areas and they found more jobs and a better life. but in economic it also started to required a low wage, taxation, and environmental cost as well as a nation to prevent international competition and in political it created a minimum wag law that that showed better working condition that would upset the free market system.