Capitalism, as an economic system, has been both celebrated for its unparalleled ability to drive innovation and criticized for its role in perpetuating inequality and exploitation.

Its emergence alongside the Industrial Revolution marked a transformative period in human history, reshaping economies, societies, and technological landscapes.

While capitalism created powerful incentives for increased productivity, investment in research and development (R&D), and global interconnectedness, it also entrenched systemic disparities that have hindered the equitable distribution of its benefits.

Yet, there is a need to critically examine capitalism from an objective perspective, exploring how its dual nature—simultaneously fostering progress and perpetuating inequities—has shaped human civilization.

The rise of capitalism: catalyst for innovation and economic growth

The rise of capitalism is deeply intertwined with the Industrial Revolution, which began in late 18th-century Britain. At its core, capitalism operates on principles of private ownership, profit maximization, and “market competition”.

These principles created powerful incentives for innovation, efficiency, and economic growth. Entrepreneurs and industrialists invested heavily in new technologies, such as steam power and mechanized production, to increase output and gain “competitive advantages”.

For example, the textile industry saw dramatic transformations with inventions like the spinning jenny and the power loom, laying the foundation for modern manufacturing processes. Similarly, advancements in transportation, such as railways and steamships, revolutionized trade and connected distant markets, fostering globalization.

The profit-driven nature of capitalism also spurred significant investment in R&D. Corporations and individuals sought to outpace competitors by developing groundbreaking technologies and improving existing ones.

This dynamic contributed to the rapid advancements of the Second Industrial Revolution, characterized by electricity, internal combustion engine, mass production, and the rise of chemical and steel industries.

By the early 20th century, capitalism had become the dominant global economic system, driving unprecedented technological progress and economic growth in industrialized nations.

However, this progress was not without cost. While capitalism incentivized innovation, it also entrenched inequalities and exploited........

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