Communication became easier during the Industrial Revolution with such inventions as the telegraph. In 1837, two Brits, William Cooke (1806-1879) and Charles Wheatstone (1802-1875), patented the first commercial electrical telegraph. By 1840, railways were a Cooke-Wheatstone system, and in 1866, a telegraph cable was successfully laid across the Atlantic.
The Industrial Revolution also saw the rise of banks and industrial financiers, as well as a factory system dependent on owners and managers. A stock exchange was established in London in the 1770s; the New York Stock Exchange was founded in the early 1790s.
In 1776, Scottish social philosopher Adam Smith (1723-1790), who is regarded as the founder of modern economics, published “The Wealth of Nations.” In it, Smith promoted an economic system based on free enterprise, the private ownership of means of production, and lack of government interference.
Quality of Life during Industrialization
The Industrial Revolution brought about a greater volume and variety of factory-produced goods and raised the standard of living for many people, particularly for the middle and upper classes. However, life for the poor and working classes continued to be filled with challenges. Wages for those who labored in factories were low and working conditions could be dangerous and monotonous. Unskilled workers had little job security and were easily replaceable. Children were part of the labor force and often worked long hours and were used for such highly hazardous tasks as cleaning the machinery. In the early 1860s, an estimated one-fifth of the workers in Britain’s textile industry were younger than 15. Industrialization also meant that some craftspeople were replaced by machines.
Additionally, urban, industrialized areas