Industrial Revolution As A Catalyst In World's Capitalism

The exact concept of Capitalism, the economic system that is based on investment for profits, has been an endless controversial issue. Nonetheless, Capitalism firstly emerged around sixteenth century when the colonialism is regarded as a predominant ideology. The trade with the colonies made the earliest kind of capitalism- Merchant capitalist, which is mainly focused on moving goods to another market in order to seek the profit. However, the society as a whole was not influenced by this kind of capitalism and there was an only slight change in an economic growth. The significant economic growth in Western Europe was started from an approximately eighteenth century when the industrialisation and technological change first appeared there. In other words, the Industrial Revolution was a relevant catalyst in World’s Capitalism by changing the way of manufacture.

Industrial Revolution is regarded that it was first taken place in the Great Britain when “Flying Shuttle”, the world’s first spinning frame, was created by John Key in 1733. The Great Britain itself had had many unique characteristics to encourage the industrialisation. Firstly, before the revolution, the wage

According to figure 1 (Our World In Data, 2017), from 1270 - 1700 BE, there is such a tiny growth that this curve looks relatively flat. However, after the 18th century when Industrial Revolution began, there was an obvious rise in GDP per capita which refers to economic growth. Correspondingly, the overall world’s GDP which is pointed out in figure 2 (Our World In Data, 2017) had originated to increase around 1700s-1800s and significantly rose after the 20th century when the industrialisation was widespread to all around the