HIST363: Global Perspectives on Industrialization

Capitalism, an economic system based on the private ownership of productive power, made the Industrial Revolution possible by creating demands for goods and incentives for entrepreneurs to invest in production. Capitalism had its origins in merchant activity, but by the 17th and 18th centuries, it began to penetrate traditional agricultural and industrial sectors. New crops from the Americas and new ideas about agricultural production led to an Agricultural Revolution in Europe, resulting in growing populations and the creation of new wealth among landowners. Capitalism matured as an economic system in the Atlantic World. Investors used capital to buy land in the Americas and captive labor from Africa to produce consumer goods like tobacco, sugar, and cotton for growing world markets. Throughout the period, capitalist merchants tapped existing handicraft producers of manufactured goods, using saved capital to finance industrial production on a growing scale.

In this unit, we analyze the effect of the Agricultural Revolution on Europe and see how it encouraged the growth of capitalism in Europe, across the Atlantic, and around the world.

Completing this unit should take you approximately 6 hour.