Industrialization

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  • Industrialization is the process of economic and social change by which advancing technologies replace human labor with capital in the production process. Industrialism is often confused with capitalism, an economic arrangement in which ownership of capital is concentrated in the hands of a relatively few private owners. Industrialism is also often confused with socialism (sometimes called state capitalism), which concentrates ownership in the state—although socialist economies may, for expedience, find it useful to permit private ownership of capital to some extent but do not recognize ownership of private property as a natural right.

    The proletarization of the workforce—that is, the loss by workers of ownership of the capital with which they produce marketable goods and services—is usually seen as a deplorable but necessary corollary to industrialization. ...

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