Economic and social system that was born in England from the invention of industrialization and the steam engine. Characteristics of industrial capitalism
Industrial capitalism is the economic and social system that was born in England from the invention of industrialization and the steam engine . Thus, this new stage of capitalism was formed in the midst of important political and technological revolutions.
Industrial capitalism managed to outperform commercial capitalism or mercantilism, as its impact was driven by changes in technology and production.
This system is characterized by the replacement of production methods such as artisanal, which were expensive and not very productive, by mechanized manufacturing.
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Origin of industrial capitalism
Industrial capitalism emerged with the so-called Industrial Revolution and as a second phase of the development of international capitalism, which had surpassed commercial or commercialism. Characteristics of industrial capitalism
This capitalism has its origin in the English textile industry and spans a long period, from the 18th century to about 1970.
The system grew rapidly thanks to Thomas Newcomen’s invention of the steam engine , which revolutionized industrial work and replaced the corporations founded during commercial capitalism.
Factories replaced manual labor and promoted industrialization in the agricultural area. In addition, scientific discoveries and technological innovations of the 19th and 20th centuries ended up strengthening the establishment of this model.
Characteristics of industrial capitalism
Among the characteristics of industrial capitalism we can highlight that:
- The owners of the industries notably increased their income , which at times has generated high social inequality, since the benefits were exclusively for the owners of the industries.
- With the invention of steam engines , the means of production were advanced, which led to more being produced and at lower costs.
- Coal was the element that was used as a source of energy and the main raw material.
- There was an advance in means of transport such as the railroad and steamships, which being faster could travel long distances to carry out distributions and import and export procedures.
- The use of salaried labor was implemented in the industries. Characteristics of industrial capitalism
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Example of capitalist countries
Today there are many countries that develop this form of industrialized capitalism, including the United States, Great Britain, Germany, Japan, Argentina, and South Korea.