Discuss the growth of capitalism in modem industrial society.

THE GROWTH AND EVOLUTION OF INDUSTRIAL CAPITALISM: Once industrial capitalism had firmly established itself, it experienced a rapid expansion. The principle of competition in the marketplace meant that many who had owned a small workshop went under or barely survived on the margins of the new factory system, while others were more successful, founding further factories, developing new product lines, and coming into wealth. Growth also confronted the successful enterprises with fresh problems. It became more and more difficult for the owner (s) to maintain an oversight over all parts of the operation from the acquisition of raw materials and the processes of manufacturing to sales and marketing and the keeping of the accounts. With the expansion of the workforce came the need for supervisors on the shop floor and for experts and managers securing production and a steady flow of orders, for shrewd accountants and circumspect dispatchers.

Expansion also required additional capital initially many entrepreneurs relied on members of their family to provide capital. But with the growth of the banking system financial institutions also became involved in giving loans on a short term and increasingly on a more long-term basis.