Industrial Capitalist Society

Definition

An industrial capitalist society describes a system where industry and commerce are privately owned, driven by profit motives, and characterized by wage labor. In this society, economic activities are centered around industry rather than agriculture or trade.

Related terms

Laissez-faire capitalism: An economic system based on minimal government intervention or regulation in business affairs.

Labor Unions: Organizations formed by workers to protect their rights and advocate for better working conditions.

Robber Barons: Refers to wealthy industrialists who gained enormous wealth during this time period through ruthless business practices.