Question

How did the four factors of production determine which nations were able to industrialize after Britain?

Answer 1

In order to determine the answer for this, we much look at the 4 factors of production: land, labor, capital, and entrepreneurship. When it comes to industrialization, those nations that had these four capitals could easily follow suit. These were mostly those countries that were following the capitalist path. Taking America for example, the North was heavily industrialized due to it having plenty land for industries, labor readily available, capital in terms of investments, and people willing to start industries and businesses. Being a capitalist country, the government encouraged new businesses.