Define “industrial capitalism.” How was industrial capitalism a global phenomemon in the late nineteenth century?
Homework Answers
Industrial Capitalism
Capitalism: Capitalism is a socio - economic system based on private ownership of resources or capital..
Industrial Capitalism can be defined as an economic system based on private ownership of the means of production and their operation for profit.
Industrial Capitalism as a global phenomenon in the late 19th century:
Industrial Capitalism refers to a socio- economic system based on private property rights including the private ownership of resources or capital, with economic decisions made largely through the operation of a market unregulated by the state. Capital means money or wealth ; The means to acquire goods and services, especially in a non -barter system.
Capitalism, as a socio economic status, evolved mainly in the 19th century Renaissance occurred in Europe. From there gradually this socio-economic system spreads through out the world through Europeans and Arab people( trade and banking of Arabs through the use of numerals).
Industrial Capitalism mainly initiated by the rise of Industrial revolution. Industrial revolution started by the inventory of new machines and number of factories,resulted in standardization of global economy. From then Industrial Capitalism merged as a global phenomenon by the increase in production of goods and products and its selling. Consumerism increased world wide. A rapid expansion happened in factory work and wage labour.
New inventions in machineries and growth in science in the areas of chemistry and electrics during the late 19th century caused a spread of Industrial Capitalism through out different countries. Europeans travelled to the different parts of the world and started with the new industries and factories with the use of new machines, electricity and chemicals. These factories trained the workers for new skilled works.
Industrial Capitalism initiated in US by the turn of the century. They established colonies and cities. The cities started to grow by the more and more industry, factories and the production of more goods and products and its selling. Worldwide a decrease in non economic and small scale industries happened such as pottery, hand weaving, handicrafts etc. These affected lower soci- economic class people. The people who owned capital( money, wealth) grown more and more through industrial revolution.
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Define “industrial capitalism.” How was industrial capitalism
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