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| The Engine of Economic Growth and Development Essay

Knowledge brought about industrialization. When education came and people learnt, farmers started gaining great income because of increased knowledge in farming. Industrial growth has been gradual but it has brought social changes in the communities. As people continue acquiring knowledge, advance industrialization is evident. All the industries, companies, farmers and all the other employers are looking on employing skilled labor. This has resulted to great rewards than before science and technology came in to place. This paper will look at the social consequences of industrialization and how industrialization led to capitalism. It will also differentiate between capitalism and communism._x000D_
Social consequences of industrialization._x000D_
Industrialization brought about equality in the society. As the laborers gained knowledge they were more productive. This resulted to the employers raising their wages. These have brought about equality between the employers and employees as the both get great rewards. This has reduced inequality in the society as this has benefited those people who were disadvantage due to poverty. Industrialization has also brought about use of machinery. This has lead to employment of high skilled people leaving out the unskilled ones. This has resulted to increasing a gap between the wealthy and poor. This will in return affect the economy as the country economy will strain to support the large number of the unskilled. Use of machinery is on the other hand useful as it create permanent employment to people who are skilled. These two changes are significant as they are affecting the country’s economy._x000D_
Relationship between industrialization and capitalism_x000D_
Capitalism is where businesses are privately owned to give profits. The owners provide the capital to start the business and they employ workers and pay their wages. Industrialization is involved in production of goods that business owners buy to sell and make profit. Industrialization also makes machines which are use by the capitalists. With this capitalism gave the meaning for more industrialization._x000D_
Differences between capitalism and communism_x000D_
Capitalists believe in a free market while communists believe in a government-controlled market. Capitalists believe that profits are for the owner alone while communist believes that profits should be shared among people in the community. These two differences are important as they encourage competition that leads to industrialization._x000D_
The role that science and technology has played in industrialization cannot be assumed. It has resulted in great changes that have been experienced in all sectors of economy in the whole world. People should therefore work towards improving it more for economic benefits.

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