Define "industrial capitalism." How was industrial capitalism a global phenomemon in the late nineteenth century?

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“Industrial capitalism” refers to the emergence of the new modes of production and distribution that came about as a result of the Industrial Revolution, particularly in Britain in the early 1800s. The nineteenth century is generally known as the “machine age” because radical new developments in the production of metal, the extraction of enormous amounts of natural resources, and revolutionary methods of producing energy allowed for the invention of massive new factories, and the machines that populated them. These machine technologies allowed for the production of goods on an unprecedented scale and furnished the rise of an entirely new urban society.

“Capitalism” is a notoriously difficult word to define, but an attribute that scholars commonly associate with it was the increased willingness of people to take risks and to invest their time, money, and resources into things that would not yield them an immediate profit, but rather were themselves the tools by which they could...

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