Capitalism and liberalism

Published: 2019-05-22 13:18:46
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The existence of co-operative societies- these were enterprises that a group of people owned and diligently operated for mutual benefits of the members. Public property is the other example- these were the properties that no individual owned privately.

After:

Capitalism was practiced, this meant that the owners of various businesses were free to build factories and invest in any kind of businesses they prefer. Industrial revolution- which lead to the establishment and growth of numerous industries.

Classical liberalism did not improve the lives of the citizens

Although there are some positive impacts of classical liberalism on the citizens such the equality of citizens before the law and rights to exercise individual choices, there are a number of ways that it made life worse for the same citizens. The industrial revolution that rose due to classical liberalism made life so difficult to the working class. Those who were employed in the mines and factories as well as servants were generally exhausted and were in danger of the unseen eventualities. The capitalism idea gave the business owners free passes and, therefore, they could do anything to their employees without question. As a result, the employees were subjected to long working hours and difficult working conditions since they had no other means of survival.

The capitalism ideology also led to increased child labor since the employers view it as a form of maximizing their profit margin by underpaying the children. The business owners thus dwelt on enriching themselves while leaving the rest of the community or the working class to suffer. The cost of living rose at a high rate and the inclusion of a free market economy worsened the situation by leading to reduced wages for the working class. The citizens, more so the working class, were left poorer than they were before classical liberalism. Generally, the economic impacts of this ideology, classical liberalism only benefited a small fraction of the community while devastating the majority.

 

sheldon

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