How did the lack of capital affect industrial growth?

The lack of capital significantly hindered industrial growth by limiting the ability of businesses to invest in new machinery, technology, and infrastructure. Without sufficient funding, companies struggled to expand production capacity, innovate, and compete in emerging markets. This scarcity of financial resources often led to slower economic development and reduced job creation, stalling overall industrial progress. Consequently, regions and industries reliant on external investment faced greater challenges in achieving sustained growth.