Question

What is meant by Industrial Capitalism?

Answer 1

Industrial Capitalism:
(a) The merchant classes held a very prominent place not only in England but also in other European states.
(b) Commercially Europe developed very fast due to new markets.
(c) The need to increase production was felt in order to meet the increasing demand for goods in the newly found markets.
(d) Increase in production required improved technology of production.
(e) Thus, this new method of production, the new social structure, the new life style and the new ideology together are known as 'Industrial Capitalism'.