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date: 20 October 2019

Abstract and Keywords

This article views capitalism as the set of economic relationships that emerged with the rise of the industrial or factory system during the eighteenth century. It focuses on production in privately owned, often capital-intensive facilities embodying ever more advanced technologies during and following the Industrial Revolution. The Industrial Revolution set in motion dynamic forces that will be the primary concern here. Most important among them are technological advances that propelled accelerated economic growth, changes in the structure of enterprise ownership and in the distribution of income among workers and owners, and a tendency toward more or less cyclical fluctuations in economic activity. These are the “dynamics” on which the article focuses.

Keywords: capitalism, economic relationships, production, Industrial Revolution, economic growth

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