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Industrial Capitalism

Industrial Capitalism. Definitions. Capitalism: economic system where individuals answer the questions of supply and Demand in order to make a profit. *Owners control the means of production (method and process of production)

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Industrial Capitalism

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  1. Industrial Capitalism

  2. Definitions Capitalism: economic system where individuals answer the questions of supply and Demand in order to make a profit. *Owners control the means of production (method and process of production) *Workers individually have little control over the means of production, but as a single unit can exert more control through collective barganingby their Union. Socialism: economic system where the State controls the means of production and Parties cooperate to answer questions of supply and demand *”Society” controls the means of production and the emphasis is upon satisfying human need, rather than individual profit *Individual talent may be overlooked and innovation for profit is not central motivator

  3. Characteristics of Industrial Capitalism Competition within an Industry is GOOD: Meat packers vs other meat packers Railroads vs other railroads Railroads vs air lines vs car industry Apple vs. Microsoft Chevy vs. Ford vs Toyota BP vs. Shell Sprint vs. US Cellular AT&T vs Comcast vs Internet The market (You and I) see competition as a very healthy part of capitalism; it keeps industry honest, mostly fair and prices within a reasonable range.

  4. Characteristics of Industrial Capitalism

  5. Characteristics of Industrial Capitalism

  6. Definitions Dichotomy: division into two halves or mutually exclusive parts

  7. Characteristics of Industrial Capitalism: Chicago Packers Marketing Transportation Production Each of these affects price and the quality of the product; some more than others

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