1.The Industrial Revolution was the transition to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, the increasing use of steam power, the development of machine tools and the rise of the factory system. cheak more information of industry revolution.
2.Capitalism is an economic system based on the private ownership of the means of production and their operation for profit.Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets.In a capitalist market economy, decision-making and investment are determined by every owner of wealth, property or production ability in financial and capital markets, whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.cheak more information of capitalism.
3.Socialism is a range of economic and social systems characterised by social ownership and workers' self-management of the means of production as well as the political theories and movements associated with them.There are many varieties of socialism and there is no single definition encapsulating all of them,though social rather than individual ownership is the common element shared by its various forms.cheak more information of socialism.
