The emergence of capitalism had a deep impact on the existing social and political institutions in Europe.
1. Economic competition amongst the states of Europe resulted in Europe becoming the dominant global continent as a number of European countries industrialized and established colonies around the world. The needs of capitalist industrialization like the demand for assured sources of raw materials, the search for guaranteed markets and profitable investment outlets—spurred the European scramble for colonies.
e.g. The race to colonize Africa The European imperialist push into Africa was motivated by three main factors, economic, political, and social. It developed in the nineteenth century following the collapse of …show more content…
Queen Elizabeth promoted the Trade and Navigation Acts in Parliament and issued orders to her navy for the protection and promotion of English shipping.
3. The accumulation of wealth in Britain as a result of capitalism helped set the stage for the emergence of the Industrial Revolution in Britain. The greater availability of capital amongst the wealthy middle classes fuelled many inventions and technological changes
People were encouraged by the availability of bank loans to invest in new machinery and expand their operations.
• In textile manufacturing the introduction of various new machines and inventions such as the ‘spinning jenny’, water frame, cotton gin etc. revolutionized cloth production and increased the productivity of a worker manifolds. Large gains in productivity also occurred in spinning and weaving of wool and linen, but they were not as great as in cotton.
• James Watt's 1769 steam engine was applied to a growing number of industries as a new power source replacing the traditional water powered ones.
• Abraham Darby developed a method of producing pig iron in a blast furnace fuelled by coke rather than charcoal. This was a major step forward in the production of iron as a raw material for the Industrial