Which economic philosophy dominated during the Industrial Revolution?

During the Industrial Revolution, capitalism emerged as the dominant economic philosophy, fundamentally altering production methods and economic organization. This system is characterized by private ownership of the means of production, where individuals or corporations invest capital in pursuit of profit. The rise of factories, mechanized production, and new technologies fueled unprecedented economic growth, as entrepreneurs sought to maximize their returns by exploiting labor and resources efficiently.

Capitalism also fostered a competitive market environment, encouraging innovation and the development of new industries. The Industrial Revolution saw a transition from agrarian economies to industrial ones, with significant urbanization as people moved from rural areas to cities in search of work. This shift corresponded with a growing emphasis on individualism and the belief in the free market's ability to allocate resources effectively.

In contrast, feudalism is an earlier economic system that structured society around land ownership and obligations between lords and vassals, making it incompatible with the Industrial Revolution's emphasis on industrial production and market dynamics. Mercantilism, prevalent before the rise of capitalism, focused on national power through wealth accumulation and trade regulation, but it did not align with the unrestricted market principles that defined capitalism. Socialism, while it began to gain traction during and after the Industrial Revolution as a response to the