Industrial Capitalism

Definition

Industrial capitalism is an economic system in which trade, industries, and the means of production are largely or entirely privately owned and operated for profit. It's characterized by the mechanization of manufacturing processes during the industrial revolution.

Related terms

Free Market Economy: An economic system where prices for goods and services are determined by open competition in a free market.

Private Property Rights: The legal designation of the ownership of property by non-governmental legal entities.

Entrepreneurship: The activity of setting up a business or businesses, taking on financial risks in the hope of profit.