The author describes industrial revolution as the shift from
handicraft to machinery. The industrial age influenced the contemporary society
positively. This touched all sectors of their daily activities. In agriculture,
for example, mechanization of metallic materials produced stronger tools, which
simplified their work and increased their production. The result was a more
efficient means of growing food as well as efficient use of the land. With the
industrial age, also came the science of chemistry, which made it possible to
produce ammonic fertilizers. The use of fertilizers on farms improved the quality
of the soil and allowed the production of multiple crops. Another area that
improved with the industrial age was transportation. Steam engines, equipped
with wheels, were invented and ran on a rail track. The steam locomotives
greatly transformed the way of life globally. People could travel to far away
destinations. Since the locomotives linked distinct parts of the world,
governing the vast countries was possible, something that extended a sense of
unity from the Atlantic to the Pacific oceans. The railroad provided several
opportunities. For example, producers in one part of the world would sell off
their products to other parts of the world, which was made possible by the
reliable transportation method. People could also travel to faraway places to seek
jobs and careers; children could travel to faraway places for education. This
developed a national sense of communities among citizens. Moreover, the
industrial revolution impacted heavily on development of steamship. The
steamship powered ships, allowing them to go much faster, something that
allowed them to carry goods and people across continents. The significance of
the steam engine touched on several aspects of human life, something that
ushered in new and better ways of life. The impact extended to other key areas
such as health and medicine, thus increasing life expectancy and improved
quality of life. Amin, S. (2013). The implosion of contemporary capitalism. NYU
Press In this book, the author describes capitalism as an economic system in
which capital and inputs are privately owned. The main drivers of this system
are the forces of demand and supply. This is to mean that in capitalism, market
economy precedes planned economy. According to Amin, other factors such as
government participation in production and regulation may differ across
different models of capitalism. End of feudal economies gave rise to
capitalism, and nowadays, capitalism has become so popular and has dominated
most of the developed nations. Advancement in trade, technology, urbanization,
and science contributed significantly to the transition to capitalism.
Capitalism is closely associated to economic growth, in that; market is a major
determiner of prices and production. The author is, however; quick to point out
that capitalism has not been without some criticism on its shortcomings. For
instance, it seems to place a lot of emphasis on profit. The focus on profit is
done at the expense of social and economic equality. Besides, capitalism also
focuses so much on consumption simply because services and goods must be
constantly purchased for capitalism to be successful. Capitalism has spread
widely especially in the western world. The author notes that capitalism has
had positive impact on contemporary societies. For instance, people benefit
from this economic system which results in raising their standards of living.
Since it advances continuously, it creates enormous wealth, making it easier to
improve technological sophistication, thereby higher productivity.