Free Enterprise and the Industrial Revolution

Mercantilism is the economy system in which European governments place limits on their colonies for the benefit of the mother country.

In the mercantilist system, the mother country determines the price of the raw materials which is interfering with the economy.

In the mercantilist system, governments do not interfere with the economy. Therefore, the mercantilist system aligns with the free enterprise system.

The implementation of high tariffs is an example of the government interfering with the economy because it alters the price of goods.

The transition between producing goods at home to producing goods in a factory.

The system in which merchants would drop off raw materials at a home and pick up the manufactured product later.

A system of production where goods are manufactured by machines under one roof, with unskilled labor, using standardized parts.

A system of production that uses skilled labored to produce higher quality goods for a cheaper price.

Friedrich Engels helped develop the communist system after observing poor working conditions in his father's textile factory.

It eliminated competition between businesses because all businesses are publicly owned.

It allows for safer working conditions limiting deaths and injuries in factories.

It allows for families to better provide for their children.