The major economic system that emerged from the Industrial Revolution was capitalism. During this period, which began in the late 18th century, economies transitioned from agrarian-based systems to industrial and manufacturing-based systems, enabling mass production and the growth of factories. Capitalism is characterized by private ownership of the means of production, market competition, and profit motivation. The Industrial Revolution facilitated the rise of entrepreneurship and investment, leading to unprecedented economic growth, urbanization, and societal changes. However, it also resulted in labor exploitation, environmental degradation, and socioeconomic disparities, which prompted labor movements and reforms.