A system characterized by private ownership of the means of production, where machinery is extensively used to increase output and accumulate capital, profoundly reshaped global history. This economic arrangement involves wage labor, market competition, and the reinvestment of profits to further expand production. A quintessential example is the 19th-century textile industry in England, where factories, powered by innovations like the steam engine, employed numerous workers to produce goods for national and international markets, thereby generating substantial wealth for factory owners.
The ascent of this economic model irrevocably altered societal structures and international relations. It fueled unprecedented economic growth and technological innovation, raising living standards for some while simultaneously creating new forms of inequality and social stratification. The demand for raw materials and new markets spurred colonialism and global trade networks, transforming the political landscape and fostering interconnectedness, as well as conflict, between different regions of the world. The concentration of capital and the expansion of industry led to the rise of powerful corporations and a corresponding shift in political power dynamics.
