What economic system was prevalent during the late 19th century in Europe? 🔊
The economic system prevalent during the late 19th century in Europe was industrial capitalism, characterized by the rise of industrialization and the expansion of the capitalist market economy. This period saw significant advancements in technology and manufacturing processes, leading to increased production and the growth of factories. Capitalism during this time was marked by the investment of capital into businesses, which led to the emergence of a powerful bourgeois class. Labor movements also began to arise in response to the exploitation of workers, advocating for better wages, working conditions, and rights. The interplay of industrial capitalism, urbanization, and social change shaped much of Europe’s political and economic landscape during this era.
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