Tag: history

An economic system which is based on private ownership of the means of production and their operation for profit is known as capitalism. The maximization of profit is the main motive of the producer. Profit guides the production in this type of economy. There is no interference of government in the economic activities of the economy. This means producers and consumers are free to take decisions. 

Haves meant the rich people, those who had land, labour and capital. It comprised of the industrialists, capitalists, big landholders, etc. 

Cottage industries could not compete with the factories and they met their natural death in the course of time. The establishment of factories saw the rise of many new industrial towns like Manchester, Lancashire, Birmingham and Sheffield. 

Spontaneity .. rigidity.

The industrial revolution changed the economic face of England. England became the most advanced country in the world. It developed its trade relations and this increased the national income. The establishment of factories saw the rise of many new industrial towns like Manchester, Lancashire, Birmingham and Sheffield. 

Capitalism involves mass production of goods. Capitalism is an economic system in which capital goods are owned by private individuals or businesses. Capitalism was born out of the mass production of goods which led the owners of the big industries to amass wealth.