Finance: Marx (fair Income Distribution)

12 Pages 2880 Words

italist society. However, before the conversion to capitalism could take place, England experienced an industrial revolution.
This revolution took place from the 10th to the 14th centuries. Around this time, the Plaque that wreaked havoc on England and wiped out nearly half of its population was over. After the Plague ended, many people inherited a lot of wealth and spending on extravagant items became very common. Additionally, it was during this time that technological advances moved industry forward. The invention of the loom made it possible to create linens rapidly and inexpensively and England’s textile industry flourished. Soon after came the invention of the printing press, technology which allowed for the efficient transfer of information. It was no longer necessary to learn how to do things directly through human contact. This spread of information made it possible for the people of England to organize them selves and to expand their knowledge in different areas of industry.
During the 16th and 17th centuries England experienced a turning point in its economic history. During the reign of Charles I, England was going through a period of economic shrinkage. Up until this time English monarchy favored an economic system that was monopolistic in nature. The reason for this is that it gave England greater control over profits and taxation. However, as the merchant class began to grow, England’s economic policies began to hinder further growth. The merchant class (referred to by Marx as the bourgeoisie) began to compete with the monopolies and England’s economy grew increasingly unstable. The rising bourgeoisie began to enclose their land and focused their efforts more and more and their own material gain. These economic factors were, in a large part, responsible for the eventual revolution and execution of the King of England, Charles I.
The conversion to capitalism took place over a large period of time, but the chan...