Question

In: Economics

Do you agree or disagree with this statement? "The advances from the Industrial Revolution of the...

Do you agree or disagree with this statement? "The advances from the Industrial Revolution of the 18th and 19th centuries outweigh its negative societal impacts."

Solutions

Expert Solution

I agree with the statement, because it is the industrial revolution that increased productivity, increased income per person,  created jobs and found different types of innovations that had the ability to improve the quality of life. And, it was not only in one sector, rather it was also in the health care where people could now get better and effective treatment with the help of technologies and live longer lives. This revolution had positive, networking and contagious effect upon different nations in the world and people learnt to trade and benefit each other.

In contrast to it, it also caused some societal problems in terms of income inequality, creation of different social classes and people running away from each other among the others. But, the industrial revolution created opportunities for everyone. People who were educated, got the jobs and moved ahead in their lives. Similarly, people who invested and took risks, became wealthy. Further, it is the government policy that can mitigate the social problem with the help of re-distribution of income, via tax collection. Sensible planning, can also prevent excess damage to the environment. Hence, the benefits of the industrial revolution can easily outweigh the cost as mentioned.


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