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The Industrial Revolution profoundly changed the world, all aspects of economics, society, politics, and other aspects. Industrialism drastically changed all aspects of production, allowing the establishment of mass production of goods and the invention of new methods of both production and agriculture. Technological developments and innovations changed how everything was done, from the production of household items to agrarian crop gathering to daily tasks.
There was now an increased availability of resources and goods to all levels of society. The Industrial Revolution began to lay the foundation for the first market economies where goods were sold and purchased, resulting in the exchange and accumulation of wealth and capital. Profits and wages increased, although unequally, but it led to the notion of increased demand for produced goods and demand for capital, which greatly boosted industrial economies (UShistory.org, 2019).
The Industrial Revolution influenced societal changes as well. As economies shifted from agrarian to industrial production, populations began moving to the cities for employment, resulting in urbanization and rapid urban growth. Low-level workers worked for little wage, while the rich profited, this led to the appearance of social classes. However, eventually, slavery was abolished, education and suffrage were established for everyone, and other social changes occurred (UShistory.org, 2019).
This had an impact on economic growth as well since a greater portion of the population was now literate, and new industries and workers willing to work in them emerged. At this time, banks began to establish themselves as critical elements of the economy since bartering was now obsolete, and people utilized currency along with the first elements of investment and capitalism, which appeared.
References
UShistory.org. (2019). Economic Growth and the Early Industrial Revolution. Web.
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