In: Economics
Industrialization in the Northeast produced great benefits and also major problems. What were they? Who benefited and who suffered? Did the benefits outweigh the problems, or vice versa? What about industrialization in the South?
Industrialization expanded rapidly in the North-east . Industrialization is a process in which the agricultural Cities changes into industry city.
Benefits included:-
1. Introduction of water powered textile mills by the wealthy merchant.
2. Goods became affordable because the factories started making goods faster which increased the supply chain and the demand within the people increased that led to the decline in price.
3. Labourer who used to work for houre to complete the task was replaced by the technologies that takes less time and produces more.
4. Wages for the workers increased which increased the spending of the people leading to the growth of economy.
5. Raised the standard of living of the people with the decline in price as people coupd afford everything.
Problems faced by industrialization :-
1. Better wages attracted many workers from the village who came and settled in the city which overpopulated the city.
2. With the increase in the number of workers, the owners started making profit and made them do overtime without taking any safety measures which led to poor working conditions.
3. Industrialization become problem for the environment because all the output product like fuel, fumes that came out of the factories polluted the water as well as air.
Earlier problems of industrialization outweighed the benefits for various reasons but with the passage of time, the standard of living of the people incrased. New technologies were introduced and there were huge economic growth. Various policies were framed for the benefit of the citizen.