Industrial Capitalism
Definition
Industrial capitalism is an economic system in which trade, industries, and the means of production are largely or entirely privately owned and operated for profit. It's characterized by the mechanization of manufacturing processes during the industrial revolution.
Analogy
Think of industrial capitalism as a giant game of Monopoly. In this game, players (business owners) use their money to buy properties (factories), then they invest more money into those properties (machinery and labor) to make even more money from other players who land on their spaces (consumers buying products).
Related terms
Free Market Economy: An economic system where prices for goods and services are determined by open competition in a free market.
Private Property Rights: The legal designation of the ownership of property by non-governmental legal entities.
Entrepreneurship: The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
"Industrial Capitalism" appears in:
Subjects (2)
Practice Questions (7)
What was one direct economic benefit of industrial capitalism?
What was a negative consequence of the rise of industrial capitalism?
How did industrial capitalism improve the standard of living for some people?
Who benefited most from early stages of industrial capitalism?
Who pioneered the concept of communism, which rose as a response to industrial capitalism?
What economic system emerged as a response to industrial capitalism during the industrial age ?
Which of these was a common criticism of industrial capitalism during this period?
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