In: Economics
Industrial revolution can be defined as transformation of economy from agricultural and handicrafts dominated to that of industry and machinery. The key characteristics of industrial revolution were:
Social changes out of industrial revolution
Industrial revolution helped in greater distribution of wealth amongst people. This led to the rise of middle class . It helped in improving standard of living, better health and education facilities. There was also a downside to industrial revolution. The rich and middle class prospered but the working class was exploited fully to gain huge profits. This led to huge working hours , threat to life by working on dangerous machines, lethal conditions in coal mines, women and children cinfinecto factories and given lesser wages then men . Later, on workers formed union and by means of strikes they were able to bring reforms which improved their working conditions and quality of life.
Political changes out of industrial revolution
The labour union formed out of working class constituted part of voters therefore, they had a say in various policies and resulted in formation of various labour reformation laws. Role of women increased in society and they fought for adult suffrage which resulted in their voice being part of the national policies and laws . Rich countries heavily explorited poorer countries by the help of technological prowess .
Economic changes out of industrial revolution
Agricultural dominated economies turned into machinery dominated economies. Level of production increased whereas cost of products decreased . First world countries became net exporters instead of net importers due to their cheap machine made products. In the agricultural sector also machines were used for production which improved agricultural produce and could be transported to far off places thus,increasing agricultural income. Massive urbanisation took place and rural areas shrinked in size and significance.