TOPIC: Effects of liberalization on the economy, changes in industrial policy and their
effects on industrial growth.
6) Analyze whether capitalism was the reason for or an outcome of industrial revolution? Examine the factors that led to the rise of capitalism?(250 words)
Key demand of the question
We have to analyze the situation surrounding industrial revolution to understand whether capitalism led to industrial revolution or vice versa. Thereafter, we have to delve deeper into the factors that led to the rise of capitalism.
Analyze – When asked to analyze, you have to examine methodically the structure or nature of the topic by separating it into component parts and present them as a whole in a summary.
Examine – When you are asked to examine, you have to probe deeper into the topic, get into details, and find out the causes or implications if any.
Structure of the answer
Introduction – explain capitalism
- As a response to the first part of the question, you have to bring out that changes in economic system, including capitalism did not come about overnight but represented a gradual change in the economic system of the country. Both impacted the other and led to the other
- Mention that intensification of capitalism happened post IR and explain how – factory system, rise in income leading to rise in demand leading to more production and requirement of profit for investment
- Explain the factors that led to the rise of IR – need for land, labour and resources, renaissance leading to geographical exploration etc
Conclusion – Summarize the arguments made above and reiterate your conclusions.