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United States was a democratic country with open society and based on freedom of an individual. It was an open society that was protected by laws as it was defined by the constitution of the United States. At the same time, market mechanism that was based on American society, allowed individuals or private firms, to engage in free trade or exchange without interferences from government authority arbitrary actions. This resulted to various conflicts like the conflict between the open society, social values and market values. This was covered up during the era of President Ronald Reagan’s presidency in 1980’s. People elected their representatives in United States to represent them at various levers of power. Those representatives were supposed to represent the people’s interest but contrary, they put their interest ahead mainly due to money and the capitalism effect as they tried to maximize on the amount of profits that got into their pockets. This is how the capitalism and issues to do with money affected the social welfare of the people and the public interest. This generally brought conflict between the public and private interest.
In United States, the political process was supposed to serve interest of the common people but this changed with time. In America’s politics, capitalism hijacked the interest of politicians to help the society; instead they served their own interests. The elected representatives were beholden by their election financers and not electorate interests. This brought conflict between the society and the whole idea behind the capitalism. That conflict was extended even to social sector where few rich people target was to make profits through social amenities. This was due to special interest people were putting on their priorities. Although a lot was being done by the United States government, the overall winner was few individuals who were continuing to gain. They were gaining more and more profits making a lot people to join the idea behind serving their own interest.
In Britain, mercantilism reduced in mid-18th century when an economic theorist group led by Adam Smith, challenged the doctrines of mercantilist in believing that the wealth of the world was to remain constant. They went ahead to say that the state would increase its wealth on expense of another. In mid 18th century, there rose industrial capitalism which was made possible by accumulation of huge amount of capital, that was under the merchant phase of capitalism and it’s investment in the machinery. The industrial capitalism which is dated from 18th century signified the start of the systems of manufacturing development, complex labor division within the work process and the global domination of capitalism production mode. The resulted industrial revolution was the merchant being replaced by industrialist, who became dominant in capitalist system. This made a declination of the traditional handicraft skills of the artisans, journeymen and the guilds. Also in this era, capitalism marked the change of relations between peasants and the British landowning gentry. This transformation gave rise to cash crop production mainly for market rather than for subsistence use. There was increased agriculture mechanization which was mainly encouraged by the surplus generated by commercial agriculture rise in Britain. Another major change that resulted due to rise of industrial capitalism was the decline of mercantilism. In Mid to late 19th century, Britain was broadly considered as the typical case of laissez faire capitalism which gained a lot of favor over mercantilism in 1840s in Britain. In same years, there was a repeal of the com laws and navigation Acts, these were in line with the teachings of Adam Smith and David Ricardo who were classical political economists. Britain embraced liberalism where it encouraged competition and market economy development.
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