What is meant by industrial capitalism
Answers
Industrial capitalism refers to an economic and social system in which trade, industry and capital are privately controlled and operated for a profit. In a capitalist system,income, production, distribution, investments pricing and supply of goods and commodities and services are determined by private decisions usually within the context of markets. In a capitalistic state, property is privately owned and this is protected by the rule of law of government. Thus in the rise of industrial capitalism, we are looking at starting of when individuals in a society started acquiring property privately.
Industrial capitalism refers to an economic and social system in which trade, industry and capital are privately controlled and operated for a profit. This is the dominate economic system in the United States and the developed world.