Science and Technology as the Engine of Economic Growth and Essay

Science and Technology as the Engine of Economic Growth and Development - Essay Example The creation of factories and new mills heralded increased opportunities for employment of ordinary working people and hence was largely, responsible for the rise of modern cities. Manchester was arguably the world’s first industrial city. In spite of the fact that Industrialization led to the population rise due to unprecedented reduction in the infant mortality rate the childhood surviving conditions did not improve (Mabel,1926).There was limited scope of education, and many children were forced to work at very low wages and harsh conditions. Eventually, being opposed to the child labor, many reform acts were framed by the government to stop exploitation of the working class. B. The period of Industrial Revolution witnessed the victory of middle class industrialists and businessman over the feudalists. Moreover, the scientific Revolution of 17th century resulted in development of international trade and creation of financial markets enhancing accumulation of capital. People started thinking to raise income and earn profits by entering into new privately owned business and professions. The advancements in mechanization of agriculture, factory system of manufacturing with powerful machines characterized by division of labor marked a global acceptance to the capitalist mode of production commonly known as Capitalism. (Burnham, 2003). C. The advent of industrial capitalism especially in the 19th century widened the socioeconomic gap between the working class and the industrialists. Unfair distribution of wealth and power, entrepreneurs’ tendency toward market monopoly; economic instability, unemployment and various forms of cultural exploitation were other connected issues that eventually led to the transformation of capitalism to communism (skilling, 435-451). 1. Capitalism is an economic system where the means of production and profit earned remained in the hands of private owners.