Industrial Revolution

Although capitalism has been a dynamic socioeconomic system since its inception, the pace of technological and social change accelerated exponentially in the 18th and 19th centuries with the Industrial Revolution. It is important not to equate capitalism and industrialization, for they are not synonymous. Historically, the Industrial Revolution occurred long after capitalism began; indeed, for most of capitalism's history, it involved preindustrial forms of production, including artisanal and household types. However, starting in the mid 1800s, an explosive increase in the speed and productivity of capitalist production occurred that transformed the worlds of work, everyday life, and the global economy. Industrialization is a complex process that involves multiple transformations in inputs, outputs, and technologies. Three dimensions are particularly important here: (1) the use of inanimate ...