Impact of the Industrial Revolution

312 Words2 Pages
The Industrial Revolution marked a major turning point in history of the world and brought with it sweeping changes. It gave rise to the following changes in Europe and elsewhere: Rise of capitalism - Industrialization led to the decline of feudalism in Europe giving rise to a new system in its place. In this system, the means of production are privately owned and operated for profit. This is called capitalism. New social classes - Capitalism gave birth to two new social classes. The factory owners employed workers and paid wages to the workers. The main aim of the factory owners as to make profits. The factory owners controlled the 'capital' or money and hence were called the capitalists. They were very prosperous and led a life of luxury. The workers worked in the factories and received wages for their labour. The workers were an exploited lot and lived in great hardship. Emergence of towns and cities - The introduction of machines in the late eighteenth century led to the development of the factory system. People working at home could not compete with factory-made goods. So they had to go and work in the factories.Thus with industrialization, the center of economic life shifted from villages to cities. People migrated from villages to these cities in search of jobs in factories. Growth of imperialism - With the growth of the factory culture, the industrialized countries of Europe were faced with two crucial concerns. One was the need for cheap raw materials to manufacture goods and the other was to find markets for the finished goods. Political domination of the less developed countries solved these two problems. These colonies served as a source for cheap raw materials, as well as a marketplace for England to sell its finished. products. Thus we can see that the establishment of colonies around the world helped sustain the industrial
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