How did industrialisation lead to Capitalism ?
Asked by gargtanya408 | 14th Aug, 2019, 01:57: PM
Industrial production drastically changed after the Industrial Revolution. Before the Industrial Revolution in Britain, most of the textile clothes were made by employing labour. However, during the Industrial Revolution, the invention of machines like Spinning Jenny and Flying Shuttle increased the pace of textile production. Industrial Revolution thus greatly increased the output of machine made goods. This resulted in huge profits and the mill owners further invested this money in expanding factories and production. This led to the rise of capitalism.
Capitalism is an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit.
Answered by Shubhali Kulshrestha | 14th Aug, 2019, 02:13: PM
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