What is the concept of "industrial capitalism"?

The concept of "industrial capitalism" refers to an economic system in which industries and businesses are privately owned and operated for profit. This system emerged during the Industrial Revolution, characterized by a shift from agrarian economies to factory-based production. In industrial capitalism, individuals and companies invest capital into the production of goods and services, aiming to maximize profit and efficiency.

This concept is foundational to understanding how economies transitioned during the Industrial Revolution, as it facilitated mass production, technological advancements, and the establishment of a consumer market. With private ownership, businesses have the flexibility to innovate and respond to market demands, driving economic growth and wealth creation.