Order Description
TOPIC
Analyze the impact of the Industrial Age and the rise of capitalism and discuss the key features of both and their influence on contemporary society

This assignment is the continuation of order# 81610553 and here is it:
Proposal
Capitalism, simply put, is an economic system whereby production inputs and capital are privately owned. Demand and supply are the main factors that shape production of services and goods in this system as opposed central planning. In capitalism therefore, market economy takes precedence over planned economy. Competition between producers remains among the most general characteristics of capitalism. Other facets like government participation in regulation and production might vary across capitalism models (Amin, 2013). Capitalism came to prominence after feudal economies came to an end, and over the decades, it has become the economic system that is dominant, especially in developed nations. Particular capitalism tenets like wage, labor and property rights are regarded as foundations of representative government. The transition to capitalism from feudalism was as a result of a rising and gradual progress of trade, technology, science and urbanization.
The close association between capitalism and economic growth is due to the fact that the market is responsible for determining prices and production, and not the governments. However, capitalism has also experienced its fair share of criticism, especially for the underlying focus that it places on profit. In capitalism, this is often done at the expense of economic and social equality. A lot of emphasis is also placed on consumption because for capitalism to be successful, services and goods have to be purchased constantly. Various forms of government have experienced capitalism in different cultures, times and places. After mercantilism started declining, the Western world embraced capitalism, and this continues to spread.
As far as contemporary societies are concerned, capitalism is believed to have had a major influence. Economists and other scholars are in agreement that as far as economic systems are concerned, capitalism remains the most successful. Entire populations can benefit from this economic system because it has been proven to raise standards of living (Amin, 2013). Given the fact that capitalism advances continuously, it creates the much needed wealth, and this in turn makes it easier for improved technological sophistication and productivity. Through capitalism, average life expectations have improved tremendously, and there are unimaginable levels in which technological advancements are taking place.
Capitalism has various key features. The first is capital accumulation since the intent of production is accumulation and profit. The second feature is commodity production. This is meant to maximize exchange-use as opposed to use-value. The third feature is private ownership. The fourth feature is usage of price mechanisms to ensure that resources are allocated between competing uses. Other features of capitalism include high wage labor levels, and the investment of money with the intention of making profits.
Industrial revolution, on the other hand, is the change process from a handicraft and agrarian economy to one whereby machines and industry dominate (Amin, 2013). The process started in the 18th century in Britain before spreading slowly. The industrial revolution also had various key features that greatly impacted the way of life. To begin with, new basic materials came into usage, chiefly steel and iron. New energy sources were also embraced such as internal-combustion engine, coal, petroleum, steam engine and electricity. New machines were also invented during this period, and among the most prominent were power loom and the spinning jenny which greatly increased the production capacity. Critical developments were also made in the areas of communication and transportation such as the radio, steam locomotive, telegraph, steamship and automobile.

References
Amin, S. (2013). The Implosion of Contemporary Capitalism. New York: NYC Press.
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This assignment is the continuation of order# 81616010 and here is it:

Annotated Bibliography
Hashmi, S., Batalha, G. F., Van, T. C. J., & Yilbas, B. S. (2014). Comprehensive materials processing. Oxford: Elsevier.
The author describes industrial revolution as the shift from handicraft to machinery. The industrial age influenced the contemporary society positively. This touched all sectors of their daily activities. In agriculture, for example, mechanization of metallic materials produced stronger tools, which simplified their work and increased their production. The result was a more efficient means of growing food as well as efficient use of the land. With the industrial age, also came the science of chemistry, which made it possible to produce ammonic fertilizers. The use of fertilizers on farms improved the quality of the soil and allowed the production of multiple crops. Another area that improved with the industrial age was transportation. Steam engines, equipped with wheels, were invented and ran on a rail track. The steam locomotives greatly transformed the way of life globally. People could travel to far away destinations. Since the locomotives linked different parts of the world, governing the vast countries was possible, something that extended a sense of unity from the Atlantic to the Pacific oceans. The railroad provided several opportunities. For example, producers in one part of the world would sell off their products to other parts of the world, which was made possible by the reliable transportation method. People could also travel to faraway places to seek jobs and careers; children could travel to faraway places for education. This developed a national sense of communities among citizens. Moreover, the industrial revolution impacted heavily on development of steamship. The steamship powered ships, allowing them to go much faster, something that allowed them to carry goods and people across continents. The significance of the steam engine touched on several aspects of human life, something that ushered in new and better ways of life. The impact extended to other important areas such as health and medicine, thus increasing life expectancy and improved quality of life.

Amin, S. (2013). The implosion of contemporary capitalism. NYU Press
In this book, the author describes capitalism as an economic system in which capital and inputs are privately owned. The main drivers of this system are the forces of demand and supply. This is to mean that in capitalism, market economy precedes planned economy. According to Amin, other factors such as government participation in production and regulation may differ across different models of capitalism. End of feudal economies gave rise to capitalism, and nowadays, capitalism has become so popular and has dominated most of the developed nations. Advancement in trade, technology, urbanization, and science contributed significantly to the transition to capitalism. Capitalism is closely associated to economic growth, in that; market is a major determiner of prices and production. The author is, however; quick to pint out that capitalism has not been without some criticism on its shortcomings. For instance, it seems to place a lot of emphasis on profit. The focus on profit is done at the expense of social and economic equality. Besides, capitalism also focuses so much on consumption simply because services and goods have to be constantly purchased for capitalism to be successful. Capitalism has spread widely especially in the western world.
The author notes that capitalism has had positive impact on contemporary societies. For instance, people benefit from this economic system which results in raising their standards of living. Since it advances continuously, it creates enormous wealth, making it easier to improve technological sophistication, thereby higher productivity.
***Here is the Assignment ***
Annotated Bibliography Assignment 2:
This week (Part II) you are to create a complete Annotated Bibliography for 3 academic scholarly sources, which include your introduction and thesis, publication details, and the annotation (see below for examples of each component). In week 4, you will complete this process for 3 additional sources. A total of 5 academic-scholarly sources are required for completion of your final research project.
Scholarship means that
• the author has a Ph.D. or other terminal degree,
• the work appears in a multi-volumed, peer-reviewed journal,
• and has ample references at the end.
Good annotations
• capture publication details,
• offer a student introduction and thesis, and
• a detailed reading of the source, covering the following:
1. Offers the student’s introduction and thesis to the best extent s/he knows it at this point in time,
2. Summarizes key points, and
3. identifies key terms (using quotation marks, and citing a page in parentheses);
4. Locates controversies or “problems” raised by the articles;
5. States whether the student agrees or disagrees and gives reasons;
6. Locates one or two quotations to be used in the final research project; and
7. Evaluates the ways in which this article is important and has helped the student to focus his/her understanding.

Guidelines for the Two-Part Annotated Bibliography (75 and 125 points): Good annotations make for excellent papers. You are required to annotate two academic scholarly resources in week three and four additional resources in week three for a total of six. A scholarly resource is written by an academic scholar, holding a Ph.D. or other terminal degree, is published in a multi-volume, peer-reviewed journal, and has ample references of its own. Successful annotations begin with your introduction (to the best extent you know it at that point in time), capture publication details, briefly summarize a text, locate key terms, find controversies to analyze and evaluate, and assist in the creation of new knowledge