Industrial Capitalists vs. the Labor Class Research Assignment

Industrial Capitalists vs. the Labor Class
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Industrial capitalism is both a social and economic system in which the industry, capital, and trade are in the hands of the private sectors which operates it to get profits. In most parts of the developed world and the US, this is the system that has dominated the economy. The labor class includes people employed for wages in the manufacturing industry and the manual-labor occupations. The debate comes in the sense that who is the booster of the economy. This is a debate on among the two groups, who is best economically. The debate resolves that industrial capitalists stand to be the best in boosting the economy of the nation.
The industrial revolution started due to these major reasons; resources, enlightenment thought of the navy and free trade. These reasons serve as the major pillars that industrial capitalists operate on. The labor class works for the industrial capitals and are thus under their control. Capitalism offers free market which in turn opens up opportunities. The completely free exchange of services and goods in the free market creates opportunities for people. Those who lack a certain good or service can easily get it from another seller thus creating an opportunity for that seller (Clonts, 2010).
Industrial capitalists allow for social morbidity. The capitalist society operates on the model that hard work is rewarded by success. This is a platform that provides equal chances for all people in the society. The people’s social status is not dictated by their conditions of birth but by their hard work. Capitalism provides a platform through which people get to go ahead. Unlike the labor class that one has to be stuck in an underpaying job for decades to cater for their livelihood; capitalism offers a platform through which a person can work and get themselves where they want to be.
Industrial capitalism allows for individual innovation. Humans are innovative ...