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Present Puzzle - How does this connect to the probability theory

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Present Puzzle - How does this connect to the probability theory

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Economic systems and theories from the industrial revolution most likely would've connected to the probability theory most likely through competition in the mathematical field. In the times of the industrial revolution and specifically in capitalist societies, people in the mathematical field probably would've been competing to discover new mathematical terms and formulas. Because of this, the probability theory could've been created. (This only works if the industrial revolution was before or when it was created)

If the industrial revolution was after when the probability theory was created, the probability theory could've been used to predict shelf life in stores, how long furniture or household items would last, or how long factory items would last. Because they most likely didn't have strict quality tests or tests to accurately show how long something would work or be good for, they probably had to use vague data and probability to come up with a percentage for how long something would last.
Examples:
A factory machine has a 75% chance to work after 2 years.
An apple has a 80% to go bad after 2 weeks.

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The effects of capitalism on the wealthy were very beneficial to wealthy people who invested in factories and industrialization. Because of the concepts of capitalism, factories in which the wealthy set up made precious and important goods for the rest of society through employing low paid, lower class members. This would save the factory owners money because the lower class citizens were desperate and gave the wealthy more opportunity to produce goods and make money.

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Adam Smith was a philosopher in the 19th century and is considered the 'Father of Economics" and the "Father of Capitalism." He published many works, but his two biggest works The Theory of Moral Sentiments and The Wealth of Nations endorsed and pushed the ideas of free trade and competition when selling would drive prices of goods down and overall benefit society. This would lead to the concept of Capitalism.

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Karl Marx was a German philosopher during the industrial revolution. He created a theory in 1848 towards the end of the industrial revolution called Marxism. It believed in a classless society. It was spread through the publication of the Communist Manifesto and basically says that socialism is a step to gaining a Communist society. Socialism was around before this, but it's ideals were widely spread through Marxism.

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A political ideology and system which is associated with people like John Locke and Adam Smith. This ideology believes in freedom of speech, religion, association, trade, etc. It advocates for free market, individual rights while still being under the rule of law, economic and political freedom, and limited government.

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A political and economic theory in which production, distribution, etc. are regulated by the state. Everyone gets paid based on their ability and need. Unlike socialism, people don't run this economy, the state does. It's what Marxism promotes and are the ideals of Marxism should become.

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Society moves away from agricultural practices to make money and starts to industrialize. Factories start to pop up everywhere and this starts to cause the rise in capitalism. New social classes start to appear because of how much money factory owners make.

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Economic Systems and Theories During the Industrial Revolution

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Economic Systems and Theories During the Industrial Revolution

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In England, capitalism and the industrial revolution caused new social classes to be created. A new middle class (people with non laboring jobs) and an urban working class (laborers in factories/farmland and servants to the rich). Because of capitalism, more opportunities were given to the higher classes to efficiently make more money.

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The effects of capitalism on the poor weren't good. Because of the system of capitalism, people who didn't have money were given little poor relief because it was pictured that it was their fault for not having money. Because they didn't have money, it put them in a position where it was difficult to make money unlike the wealthy. This lack of money brought families to the point where they had to make their children work in order to make money.

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A political and economic theory which believes that the means of production, distribution, and exchange should regulated by a community as a whole. Basically it wants to prevent specific people from becoming too wealthy compared to others. Which giving people with less fortunate situations a chance. This economic system started to get adopted by some societies towards the end of the industrial revolution.

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Capitalism was a big economic theory during the industrial revolution. It was pushed mainly by political liberalism (ideology based on civil rights). Capitalism basically was a system in which there was free trade, people could buy and sell what they wanted, people's money wasn't controlled, and business owners competed for profit.