Prior to this this most manufacturing occurred using hand tools or basic machines. As an increased in demand for products occurred most effective methods of production were needed. Manufacturing became shifted to powered and specialized tools and thus a rise in manufactured productions. A key example of this was in the textile industries where textiles were mostly produced by hand, but with innovations such as those made by James Hargreaves whom invented the spinning jenny allowed for the production of “multiple spools of threads simultaneously” (History.com Staff, 2009). Capitalism is an economic system in which private owners profit from goods or services. By the industrial revolution, creating goods that were in high demand through more efficient and less costly means, the machines at a factory rather than by hand, factory owners could maximize profits. Business owners lovd the ide of laissez-faire, in an essence this idea meant that the Govrnment should leave them alone. With little interference from the government, businesses were allowed to do anything to make money. There was a big sepration between the upper and lower class of people. Business owners could pay their employees any wage they wanted and because the employee needed to work acceted this wage. The por now had money and became consumers. Small businesses were created to provde items for cnsumers. This created the rise of
Prior to this this most manufacturing occurred using hand tools or basic machines. As an increased in demand for products occurred most effective methods of production were needed. Manufacturing became shifted to powered and specialized tools and thus a rise in manufactured productions. A key example of this was in the textile industries where textiles were mostly produced by hand, but with innovations such as those made by James Hargreaves whom invented the spinning jenny allowed for the production of “multiple spools of threads simultaneously” (History.com Staff, 2009). Capitalism is an economic system in which private owners profit from goods or services. By the industrial revolution, creating goods that were in high demand through more efficient and less costly means, the machines at a factory rather than by hand, factory owners could maximize profits. Business owners lovd the ide of laissez-faire, in an essence this idea meant that the Govrnment should leave them alone. With little interference from the government, businesses were allowed to do anything to make money. There was a big sepration between the upper and lower class of people. Business owners could pay their employees any wage they wanted and because the employee needed to work acceted this wage. The por now had money and became consumers. Small businesses were created to provde items for cnsumers. This created the rise of