Central characteristics of Industrial capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, and wage labor.
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32 Facts About Industrial capitalism
2.
Economists, historians, political economists and sociologists have adopted different perspectives in their analyses of Industrial capitalism and have recognized various forms of it in practice.
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3.
Industrial capitalism marked the development of the factory system of manufacturing, characterized by a complex division of labor between and within work process and the routine of work tasks; and eventually established the domination of the capitalist mode of production.
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4.
Late in the 20th century, capitalism overcame a challenge by centrally-planned economies and is the encompassing system worldwide, with the mixed economy as its dominant form in the industrialized Western world.
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5.
Relationship between democracy and Industrial capitalism is a contentious area in theory and in popular political movements.
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6.
However, according to some authors in the 20th-century, Industrial capitalism accompanied a variety of political formations quite distinct from liberal democracies, including fascist regimes, absolute monarchies and single-party states.
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7.
Robert Dahl argued in On Democracy that Industrial capitalism was beneficial for democracy because economic growth and a large middle class were good for democracy.
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8.
Industrial capitalism argued that a market economy provided a substitute for government control of the economy, which reduces the risks of tyranny and authoritarianism.
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9.
Industrial capitalism argued that the market mechanism is the only way of deciding what to produce and how to distribute the items without using coercion.
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10.
In free market and laissez-faire forms of Industrial capitalism, markets are used most extensively with minimal or no regulation over the pricing mechanism.
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11.
Profit motive, in the theory of Industrial capitalism, is the desire to earn income in the form of profit.
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12.
Hernando de Soto is a contemporary Peruvian economist who has argued that an important characteristic of Industrial capitalism is the functioning state protection of property rights in a formal property system where ownership and transactions are clearly recorded.
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13.
The common features among all the different forms of Industrial capitalism is that they are predominantly based on the private ownership of the means of production and the production of goods and services for profit; the market-based allocation of resources; and the accumulation of capital.
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14.
Advanced Industrial capitalism is the situation that pertains to a society in which the capitalist model has been integrated and developed deeply and extensively for a prolonged period.
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15.
Corporate Industrial capitalism is a free or mixed-market capitalist economy characterized by the dominance of hierarchical, bureaucratic corporations.
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16.
Finance Industrial capitalism is the subordination of processes of production to the accumulation of money profits in a financial system.
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17.
Fernand Braudel would later point to two earlier periods when finance Industrial capitalism had emerged in human history—with the Genoese in the 16th century and with the Dutch in the 17th and 18th centuries—although at those points it developed from commercial Industrial capitalism.
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18.
Laissez-faire Industrial capitalism is a more extensive form of this free-market economy, but one in which the role of the state is limited to protecting property rights.
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19.
Fernand Braudel argued that free market exchange and Industrial capitalism are to some degree opposed; free market exchange involves transparent public transactions and a large number of equal competitors, while Industrial capitalism involves a small number of participants using their capital to control the market via private transactions, control of information, and limitation of competition.
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20.
Mercantilism is a nationalist form of early Industrial capitalism that came into existence approximately in the late 16th century.
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22.
State Industrial capitalism is a capitalist market economy dominated by state-owned enterprises, where the state enterprises are organized as commercial, profit-seeking businesses.
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23.
Contemporary state Industrial capitalism is associated with the East Asian model of Industrial capitalism, dirigisme and the economy of Norway.
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24.
In Socialism: Utopian and Scientific, Friedrich Engels argued that state-owned enterprises would characterize the final stage of Industrial capitalism, consisting of ownership and management of large-scale production and communication by the bourgeois state.
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25.
The economist Ludwig von Mises argued that the designation of state Industrial capitalism was simply a new label for the old labels of state socialism and planned economy and differed only in non-essentials from these earlier designations.
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26.
Debate between proponents of private versus state Industrial capitalism is centered around questions of managerial efficacy, productive efficiency and fair distribution of wealth.
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27.
In some cases, welfare Industrial capitalism exists within a mixed economy, but welfare states can and do exist independently of policies common to mixed economies such as state interventionism and extensive regulation.
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28.
Eco-Industrial capitalism can be thought of as the right-wing equivalent to Red Greens.
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29.
Sustainable Industrial capitalism is a conceptual form of Industrial capitalism based upon sustainable practices that seek to preserve humanity and the planet, while reducing externalities and bearing a resemblance of capitalist economic policy.
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30.
Sustainability is often thought of to be related to environmentalism, and sustainable Industrial capitalism applies sustainable principles to economic governance and social aspects of Industrial capitalism as well.
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31.
Importance of sustainable Industrial capitalism has been more recently recognized, but the concept is not new.
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32.
Criticism of Industrial capitalism comes from various political and philosophical approaches, including anarchist, socialist, religious and nationalist viewpoints.
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