How did the Industrial Revolution change the nature of capitalism?

Answer 1

Before the Industrial Revolution, the nature of capitalism was much smaller in scale. A person may have gained wealth through owning shipping companies, or printing presses, or blacksmith shops. Industrialization allowed for mass production, and no longer the need for specialization. The economies of scale also made the post Industrial Revolution magnates far more wealthy.

Answer 2

Prior to the industrial revolution, the economy operated in a mercantilism type economy. As the industrial revolution took hold of the economy, the industrialist replaced the merchant as dominant actors in the capitalist system and lead to a major decline in traditional skills.

Answer 3

New technology increased the wealth of many nations.

Answer 4

As men kept property as they liked the rich got morre richer and the poor got more poorer.