The Industrial Revolution was born in England during the 1700s and soon spread to Germany, the United States, and other countries. The Industrial Revolution favored mechanized production over hand labor in the eighteenth and nineteenth centuries.
At the same time these actions strengthened certain pillars of capitalism such as private property rights, profit incentives, and competitive markets.Ī second factor that supported a rise in capitalism was the Industrial Revolution.
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The economic goal was to achieve a favorable balance of trade and treasuries full of specie-gold and silver. These alliances resulted in an aggressive competition among the great powers to exploit profitable overseas markets and expand colonial empires. From the sixteenth century to the eighteenth century, the mercantilists gained a foothold in some powerful European countries, and had forged alliances with monarchs. The dramatic increase in international trade began with the rise of a merchant class in trading cities such as Venice and Florence in Italy, Bruges and Antwerp in Flanders, and London in England during the twelfth and thirteenth centuries. Over the next few centuries capitalism gradually expanded to regions in western and northern Europe, fed by the growth of international trade, industrialization, and changes in people's views. The roots of capitalism date back to the twelfth and thirteenth centuries when European trading cities such as Florence and Ghent spearheaded lively trade in the Mediterranean region-the first serious challenge to Europe's parochial feudal system, a type of command economy.
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Capitalism is often referred to as the free enterprise system to emphasize the importance of marketplace freedoms. Over the past several centuries the institutions and practices of capitalism have evolved. In a capitalist economy the private sector, individuals and firms, are mainly responsible for answering the basic economic questions of what, how, and for whom to produce. Capitalism is a type of economic system based on the private ownership and control of the factors of production-natural resources, human resources, capital goods, and entrepreneurship.
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