Alfred Krupp

Definition

Alfred Krupp was a German industrialist known for the development of a seamless method of casting railway tyres. He took over his father's small steel factory and turned it into one of the largest companies in the world, producing artillery and other armaments.

Related terms

Industrial Revolution: The period from about 1760 to sometime between 1820 and 1840 when major changes in agriculture, manufacturing, mining, transport, and technology had a profound effect on the socioeconomic and cultural conditions starting in the United Kingdom.

Capitalism: An economic system based on private ownership of capital goods and by investments that are determined by private decision rather than by state control. It is characterized by competition and profit motive.

Armament Industry: A business industry that produces arms for supply to military or defense departments. This includes everything from weapons systems to military technology developments.