industrial capitalism

Industrial capitalism is a phase of capitalism characterized by the pervasive mechanization and industrialization of productive processes. This transformation, often referred to as the Industrial Revolution, began in the late 18th century with advances in agriculture, textiles, iron manufacture, and machine-tool design, powered by new energy sources like steam.1

The factory became the central site of production, leading to a significant increase in the scale of employment and a marked change in the nature of work. This era saw the rise of a distinct business class and a large labor force working in factories for long hours. While industrialization brought about significant economic growth and an improved overall standard of living, it also created social problems and periodic economic instability, leading to the development of state capitalism and increased government intervention in economic affairs. In industrial society, economic position became a primary determinant of social standing and class membership.123