Selfstudys Com File
Selfstudys Com File
Revolution
Industrial Revolution
The Industrial Revolution is the name given to the series of changes which brought about a transition from
production by hand to production by machine, from small-scale production to large-scale production, from
handmade goods to machine-made goods.
The Industrial Revolution was not a sudden revolution. It happened gradually. The mass production of
goods brought revolutionary changes in political, social and economic life of the people.
After the Industrial Revolution began in England, it gradually spread to Europe and America. The cotton
textile industry became a leading industry in 1820. Iron and steel and chemical industries opened in
France, Russia, Germany and Japan. In Russia, industries were nationalised after the Russian Revolution
of 1917.
Impact of the Industrial Revolution
The Industrial Revolution brought tremendous changes in human thinking, living conditions of people and
the world economy. Two significant effects of the Industrial Revolution were the rise of Capitalism and
Socialism.
Capitalism
The Industrial Revolution gave rise to the theory of capitalism. Money is required for purchasing land,
labour and machinery which are important means of production. When the money is invested to
generate more money, it is known as capital. The people who own capital are known as capitalists.
The economic and political system in the country where trade and industries are controlled by private
owners for earning profit is known as capitalism. The capitalists provide money for purchasing
machines, tools, implements and raw materials.
To earn profit is the main motive of the capitalists.
Impact of Capitalism
The impact of capitalism was as follows:
Loss of Traditional Jobs: The movement of people from villages to urban cities resulted in the loss of
traditional jobs. Women who were engaged in spinning lost their livelihood as weaving became highly
mechanised. Skilled labourers also lost jobs as machines replaced them.
Exploitation: The workers in a factory lived an extremely hard life. They were paid the minimum
wages. Women and children were also employed in large numbers as they could be employed for very
low wages. Soon people began to criticise this system of exploitation.
Overcrowding: The workers were paid low wages, and they lived in enclosed overcrowded spaces.
This resulted in the spread of various diseases. Although the economy of Britain developed at a fast
pace, vast inequalities existed between the rich and the poor.
Longer Hours of Work: The workers were exploited by the industrialists. They were supposed to
work for longer hours. The workers were expected to work for about 12−14 hours per day.
Socialism
Socialism was one of the important effects of the Industrial Revolution. Adam Smith in his work, ‘Wealth of
Nations’ stressed that the state should not interfere in the nation’s economy. Socialism developed as a
reaction against the theory propounded by Adam Smith.
Socialism is an economic system in which the means of production are not controlled by individuals but by
the state or by a community of people. Socialism believes in the fair distribution of wealth among the
people.
Socialism is based on three principles:
It is opposed to private capitalism.
Socialism reflects the voice of all workers and the working classes.
It aims at equal distribution of wealth.
Early Socialists
Many political thinkers in the early twentieth century favoured the rise of the social system in which the
means of production are not owned by private individuals but by the State. Some first socialists were
Babeuf, Saint Simon and Robert Owen. Robert Owen owned a cotton mill in Scotland. He reduced the
working hours of the labourers and paid them good wages.
Marxist Socialism
Karl Marx was a German political philosopher and an economist. Along with Frederick Engels, he
wrote the ‘Communist Manifesto’ which was published in 1848. Karl Marx wrote another famous book
‘Das Capital’.
Marx believed that the capitalist society is divided into two classes—the working class, which toils and
does all the work, and the capitalist class, which owns all the resources. He said that the capitalists
exploit the working class. This results in conflict between the two classes.
This class struggle leads to a crises resulting in the collapse of the capitalist system. The means of
production will then pass into the hands of the working class. The working class would own all the
resources, and profits would be equally divided among the people. This system came to be known as
‘Marxist Socialism’.
In socialism, when production takes place not for earning profits but for satisfying human wants, it
leads to the establishment of a communist society.
Bernstein, another socialist, advocated that socialist objectives should be achieved through
democratic means.
Socialism in the World
The Russian Revolution in 1917 aimed at the establishment of socialism in the state. Russia became a
socialist country in 1917. Lenin and Trotsky were the chief architects of the Russian Revolution.
China became a communist nation on 1 October 1949 under the leadership of Mao Tse Tung.
Many socialist parties emerged in India too. In 1934, the Socialist Party was established under the
leadership of Narendra Dev, A. Patwardhan, Jayaprakash Narayan and Dr Rammanohar Lohiya.
Currently, socialism implies that governments should work for the upliftment of the working and
depressed classes in society and should aim at promoting a just and a welfare state.
India has adopted the word, ‘Socialist’ in the Preamble of the Constitution and aims at the welfare of
undeveloped and underdeveloped sections of society.