Patents

One of the key reasons why the industrial revolution started and why it started in England is because England introduced the idea a patents. Thomas Savery invented the steam engine and got it patented. Later James Watt in America made significant improvements but had to get permission from Savery. This patent law added a lot of momentum to the idea of free market capitalism. Congress passed the first patent law in 1790. Then followed new ideas like the telephone, cotton gin, sewing machine, light bulb, typewriter, repeating rifle and many more. When a person knows their ideas are protected they are more likely to invent. Edison wanted the feeling of success that come with his inventions but he also became rich. In socialist systems there is not individual ownership so the incentive to invent is there but the monetary reward is not.