How the Industrial Revolution Affected the Economy ￼
Child labor, thousands of deaths, new inventions, increase in income rate, all attributes of the Industrial Revolution. The I.R affected the world in general in many ways. In fact, it is called a revolution because of how quickly and how much change it brought to the way people live and work. It affected every aspect of their lives from economic to social. Yet, not every citizen was pleased with the Industrial Revolution as others were. A majority of the population that was involved in the I.R received benefits from it. It increased mass production in necessary resources, earning more money faster, created ways of transportation that expanded trading other than just in the villages, but some people lost their jobs to machines that work automatically. Overall, the I.R brought benefits and comfort to ordinary people, middle class in the beginning of the revolution. As the revolution started to kick off, the spread of power and wealth started to become very uneven. Capitalists began to receive a dramatic amount of money more then locals and jobs were being fought over. But, as transportation started to kick in, jobs were being expanded and so were trade routes. The Economy Before the Industrial Revolution
Towards the beginning of the Industrial Revolution, around 1700’s, the economy hasn’t changed at all in centuries. Any and all income earned was through farming or carpentry. Money was even scarce item at the time, so wages that were given were very low. Most times, people who work in farms, have an at home family business, growing goods for themselves, or to sell on the street to make small amounts of money. Other work, including craftsman or blacksmiths, kept their work inside of the village. Because of the lack of long distance communication and transportation, their wok must be sold to locals. Then, the only transportation available was by horse, or horse carriage. Even then, the weight of...
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