Question

Industrial Revolution might have been helpful in some ways, it also caused problems in other ways. Discuss its disadvantages under the following head:

Evils of Capitalist Economy.

Answer 1

Capitalist Economy: Incoming of Industrialism demanded a huge sum of money and assets for factory production. This was called ‘Industrial Capital’. The Capitalist System created two new classes; the Capitalist-class and the class of Wage-earners. The capitalists were anxious to make a profit beyond their expectations at the cost of exploitation of the working- class. Workers’ share in the profits of the industry was very small. Shockingly, women and little children had to work for as many as fifteen hours a day, with a very short interval for food. Above all, they worked in dirty and unventilated factories and many of them fainted because of hunger or pain. There arose a demand for improving the conditions . of the working-class. This expressed itself in three ways. Firstly, it led to the Trade Union Movement. Secondly, State or municipal bodies enacted Factory Acts, regulating hours, wages, and conditions of work for the workers employed in factories. Thirdly, the agitation of the working- class led to the rise and growth of the Socialist Movement.