Evidently, the First Industrial Revolution made significant contributions to capitalism’s growth. Notably, during the revolution, various economic theorists challenged elementary mercantilist doctrines. The doctrines included that the world held a constant quantity of wealth and that states could only disadvantage others to grow their wealth. When the revolution was underway, merchants were substituted by industrialists as they key drivers of the then emerging industrial system. Industrialists reduced the significance of the typical handicraft competencies of journeymen, artisans, and guilds (Barbrook, 2006).
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The revolution was defined by the commencement of the Enlightenment Age. The age supplied the intellectual foundation that supported the handy application of the then mounting scientific knowledge body. That was clear from the steam engine’s systematic development. The application was defined by concerted scientific, sociological, and political analyses, which supported the growth of the capitalist ideas expressed by economists like Adam Smith. The economists contended that industrialization grows given states’ wealth, raises life expectancies, and reduces working durations, which are some of the core pillars of the capitalist ideology (Musacchio & Lazzarini, 2014).
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