Answer to Question #247800 in History for Daniel2

Question

 Jack London blamed the realities of the working class on "mismanagement," but we should investigate this more. Would the conditions of the poor areas of industrialized London be any different under different management? Or does industry in a capitalist society need to deliver the working class such awful conditions in order to thrive?Whose job is it to “manage industry” in a way that is the least harmful to the most people? How would those from the differing ideologies discussed answer this issue?

 

Answer 1

Still under new management, a new elite make up of individual farmers, merchants and bankers can emerge as the movers and shakers of the industrial field. Capitalism, undoubtedly, is a major driver of innovation, wealth, and prosperity in the modern era. Competition and capital accumulation incentivize businesses to maximize efficiency, which allows investors to capitalize on that growth and consumers to enjoy lower prices on a wider range of goods. However, sometimes this doesn't work out as planned. Here, we will just consider just three problems of capitalism.