- It resulted in mass production of goods with the help of machines. This not only reduced the cost of goods but it also improved their quality.
- The industrial revolution strengthened the forces of capitalism, which lead to the industrial capitalism and finance capitalism.
- The revolution provided impetus to trade and commerce.
- It lead to the growth of factory system of production which resulted in the emergence of new cities.
- Along with industry, banking, insurance, joint stock companies, stock markets also developed and thus very soon the monetization of the economy was complete.
- The industrial revolution had its impact on agriculture also, as some of the inventions included agriculture machines which reduced the labour and time of the farmer and performed their work better.
Social Impact :
- It resulted in the transformation of the society from feudal to the capitalists.
- The period witnessed the emergence of two new social classes i.e. the capitalist class or the bourgeoisie who owned the means and the modes of production and the working class or the proletariat who do not own the means and modes of production.
- The class division resulted into large scale exploitation suffered by the proletariat class who lived in miserable and pitiable conditions.
- The industrialization resulted in the rise of cities which were followed by the growth of slums where the workers had to stay in very congested settlements which made them vulnerable to various kinds of diseases and they often died premature death.
- The conditions of the factory life wasn’t suitable for the healthy family life, especially for the women and children.
- One impact of industrialization that the world had not been able to deal with is the pollution problem and the rapid depletion of non renewable environmental resources.
Political Impact :
- It strengthened the trends of imperialism and colonialism.
- The revolution sharply divided the world into the industrially advanced countries and industrially backward nations.
- As a result of industrial revolution a large number of Europeans settled themselves in large parts of the world which led to colonization of those countries.
- It paved the way for new social and economic doctrines / philosophies. In this context we see philosophers like Robert Owen, Saint Simon and Karl Marx advocated the idea of socialism and communism which emphasized on collective ownership of resources.