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22 December, 14:20

Define Industrial Capitalism?

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  1. 22 December, 14:32
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    Industrial capitalism is a system both social and economic whereby industry and resources are owned by few for profit.

    Explanation:

    In order to understand the term industrial capitalism, the term capitalism must first be understood.

    Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

    Hence, Any society is capitalist if the means of production that is tools and materials belongs to the employer and not the employees and the employees produce commodities belonging to their employer. Otherwise, it would be socialism.

    Industrial capitalism is therefore a system, both social and economic whereby industry and resources are owned by few for profit.
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