USA HISTORY

Detailed explanation-1: -Capitalism is an economic system characterized by private ownership of the means of production, especially in the industrial sector, with labor paid only wages. Capitalism depends on the enforcement of private property rights, which provide incentives for investment in and productive use of productive capital.

Detailed explanation-2: -Key Takeaways. Industrialization is a transformation away from an agricultural-or resource-based economy, toward an economy based on mechanized manufacturing. Industrialization is usually associated with a greater average income and improved living standards.

Detailed explanation-3: -I view industrial capitalism as a mode of production consisting of large, centrally controlled accumulations of capital used to finance the means of production for commodities destined for market, using largely wage–labor, and characterized by large scale production, accumulation, and limited private ownership.

Detailed explanation-4: -In a capitalist economy, capital assets-such as factories, mines, and railroads-can be privately owned and controlled, labor is purchased for money wages, capital gains accrue to private owners, and prices allocate capital and labor between competing uses (see “Supply and Demand”).

Detailed explanation-5: -One reason industrialization had such a big effect was that it was tied to the economic system known as capitalism. We even call the system that emerged in the long nineteenth century “industrial capitalism".