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What is the definition of industrial capitalism in the context of world history?
Industrial capitalism refers to an economic system where private individuals or corporations own and operate businesses for profit, using advanced technology and large-scale production methods. This system emerged during the Industrial Revolution in the 18th and 19th centuries, transforming societies and economies by increasing productivity and creating wealth through the mass production of goods.
What were the key differences between the market revolution and the industrial revolution, and how did they impact economic and social changes during the 19th century?
The market revolution focused on the expansion of markets and transportation networks, while the industrial revolution centered on the growth of factories and mechanized production. These revolutions led to significant economic changes, such as increased production and urbanization, as well as social changes, including the rise of wage labor and class divisions.
How did the free market contribute to the advancements and transformations during the Industrial Revolution?
The free market during the Industrial Revolution allowed for competition and innovation, leading to advancements in technology, increased production, and economic growth. Businesses were able to respond to consumer demand and invest in new ideas, driving progress and transforming industries.
How was immigration connected to economic growth during the industrial revolution?
During the industrial revolution, immigration was connected to economic growth by providing a large and diverse labor force that fueled the expansion of industries and increased productivity. Immigrants brought new skills, ideas, and work ethic that contributed to the growth of the economy through increased production and innovation. Additionally, the influx of immigrants helped meet the growing demand for labor in industries such as manufacturing, mining, and agriculture, leading to overall economic growth and development.
What contributed most to the economic expansion that took place during the Commercial Revolution?
Increased desire for trade contributed most to the economic expansion that took place during the Commercial Revolution.
