Preindustrial era, capitalism was an economic system which private individuals own goods and services that are available for sale/exchange in a free market to produce a profit. ... During the Age of Industrialization, Industrial Capitalism shaped as an economic system in which private individuals owned the means of production as well as the goods/services that are produced. ... In contrast cartels tried to eliminate competition by means of horizontal organization such as absorbing competitors, fixing prices, regulating production or dividing up markets. ... John Komlos, chair of economic hist...

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• Approx Pages: 7
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• Grade Level: Graduate