Industrialism, Nationalism and Imperialism Vocabulary Analysis Industrialism-An economic organization of society built largely on mechanization rather than agriculture, craftsmanship or commerce. Nationalism-Strong pride in one’s nation or ethnic group. Imperialism-The practice of one’s country controlling the government and economy of another country or territory. Capitalism-An economic system in which the factories and businesses that make up and sell goods are privately owned and the owners make the decisions about what goods to produce. Industrial Revolution-A period of change in the 18th century, during which goods began to be manufactured by power-driven machines. Labor Force-A pool of available workers. Scientific Revolution-A period of great scientific change and discovery during the 15th through 17th centuries. Industry-Any area of economic activity.