WORLD HISTORY

Detailed explanation-1: -Capitalism is a relatively new type of social arrangement for producing goods in an economy. It arose largely along with the advent of the industrial revolution, some time in the late 17th century. Before capitalism, other systems of production and social organization were prevalent, out of which capitalism emerged.

Detailed explanation-2: -The emergence of capitalism was vitally important to the start of industrialization and the Industrial Revolution. Capitalism caused the Industrial Revolution because industrialization required significant work and investment from individuals and not necessarily the government.

Detailed explanation-3: -The Industrial Revolution brought capitalism, in which a country’s trade and industry are controlled by private owners for profit, rather than controlled by the state. Industrialization leads to population growth and urbanization, as more and more people move to urban centers in search of work.

Detailed explanation-4: -This wealth – sometimes called ‘capital’ – had to be invested somewhere. It was used to pay for the industrialisation of Europe. So the transatlantic slave trade and plantation wealth were the major causes of the growth of capitalism in Europe.

Detailed explanation-5: -Capitalism and market competition fueled the Industrial Revolution. Wealth increased the standard of living for some people, and the middle class grew. However, the lack of laws to protect people led to problems. Many people disliked the poor working conditions and unequal distribution of wealth.