World of Industries

1. CAPITALISM AND INDUSTRIAL REVOLUTION

Capitalism means it is a form of organization where industrialist or owning money purchase machinery and raw materials and hire laborers for producing goods to be sold in the market for profit.

In this system there are two social classes , namely capitalist and workers. The capitalist
own, means of production like machines and factories. They use hired labour for production of goods. The produced goods are not for their use but they are used for earnings profits.Their wealth is used for earning more wealth. Capitalist spirit is known as the one where wealth is used to earn profits. In this system production is usually on a large scale by using machines and power.

Workers do not have any means of production of their own. They earn livelihood by selling their labour. They are called the proletariat or wage labourers. Hobson says that the means of production and labour are inseparable in the process of production.