Which of the following best describes the economic system that became widespread during the Industrial Revolution?

The economic system that became widespread during the Industrial Revolution is best described as capitalism. This period marked a transition from agrarian economies dominated by feudalistic structures to industrialized economies that emphasized private ownership, capital accumulation, and market-driven principles.

In capitalism, individuals or businesses own the means of production and are driven by profit motives. The rise of factories and mass production during the Industrial Revolution exemplified this shift, as entrepreneurs invested in machinery and technology to increase efficiency and output. Labor became a commodity, where workers sold their labor to these capitalist enterprises in exchange for wages.

Additionally, the expansion of trade and the establishment of a consumer market were pivotal during this time, aligning with key capitalist principles. The industrialized nations experienced growth in wealth and economic power, largely due to the innovations and efficiencies introduced during the Industrial Revolution, making capitalism the dominant economic force.

Other economic systems mentioned, like feudalism, socialism, and mercantilism, do not align as closely with the characteristics and developments typical of this pivotal period in history.