Industrial+Capitalism

**Industrial Capitalism**

· Capitalism gradually spread throughout Europe and by the late 19th & 20th centuries a provided the main means industrialization throughout much of the world.

· Industrial capitalism marked the development of the factory system of manufacturing, characterized by a complex division of labor between and within work.

· It established the global domination of the capitalist mode of production.

· Mercantilism declined in Great Britain in the mid-18th century, when a new group of economic theorists, led by Adam Smith, challenged fundamental mercantilist doctrines as the belief that the amount of the world's wealth remained constant and that a state could only increase its wealth at the expense of another state.

· The mid-18th century gave rise to industrial capitalism making it possible for vast amount of capital under the merchant phase of capitalism to invest in machinery.

· Commercial capitalism proved to be only transitional and the succeeding form would be distinguished by the pervasive mechanization and industrialization of its productive processes, changes that introduced new dynamic tendencies into the economic system.

· Industrial capitalism is capitalism's classic or stereotypical form. It involves manufacturing by means of a factory system with a division of labor, the creation of designated workplaces and factories; de-skilling of traditional handicraft skills, and the routine of work tasks. Thus mercantile capitalism is a system of trading for profit. sources: internet: @http://www.britannica.com/EBchecked/topic/178493/economic-system/61119/From-commercial-to-industrial-capitalism  textbook: America Past & Present, New York, copyright 2007 by Pearson Education, George M. Fredrick, H.W. Brands, Robert A. Divine, T.H. Breen, Ariela J. Gross & R. Hal Williams