2.1) Social effects of the industrial revolution
According to Boyer (1990:25) the industrial revolution conveyed great riches to a lot of entrepreneurs who helped set it in motion. For the millions of labourers who crowded into new factories, however the industrial age also brought poverty and harsh living conditions. In time, changes would limit many of the worst abuses of the early industrial age in Europe and the Americans. As living standards increases/improves, people within all different levels of society would benefit from industrialisation. Boyer (1990:25) also emphasises that, until that time, working people would continue to suffer with dangerous working conditions; unsanitary, hazardous, crowded housing and also remorseless poverty. …show more content…
Liberal entrepreneurs persuaded many governments that mercantilist regulation of the economy was a handicap rather than a help to the new technology of industrial revolution. Free trade, freely negotiated contracts between labour and capital, and a decline in government regulation of all sorts resulted. By mid-century, the competition between various nations, between old and new industries, between small or middle sized producers of the same products widely spread in Europe. However under such circumstances the result was the most amazing flower of nineteenth century economic development: the rise of big business. Some industries however merged with or bought out their competitors to produce large new corporations (the merging of industries was known as cartels). Although this was a trend in the early days, it has still remained a main current of western economic history since. Competition and entrepreneurship still play key innovative roles, but big businesses control massive swathes of economic activity today (Acemoglu & Robinson, …show more content…
From the above discussions we can see that the industries (factories) that exist today would never have existed if not because of industrial revolution taking place back in the early years, and how vital they are to today’s generation. However Clark (2012:1) emphasises that the causes of the industrial revolution are still debatable, and that the industrial revolution is the key break in world history, “the event that defines our
According to Boyer (1990:25) the industrial revolution conveyed great riches to a lot of entrepreneurs who helped set it in motion. For the millions of labourers who crowded into new factories, however the industrial age also brought poverty and harsh living conditions. In time, changes would limit many of the worst abuses of the early industrial age in Europe and the Americans. As living standards increases/improves, people within all different levels of society would benefit from industrialisation. Boyer (1990:25) also emphasises that, until that time, working people would continue to suffer with dangerous working conditions; unsanitary, hazardous, crowded housing and also remorseless poverty. …show more content…
Liberal entrepreneurs persuaded many governments that mercantilist regulation of the economy was a handicap rather than a help to the new technology of industrial revolution. Free trade, freely negotiated contracts between labour and capital, and a decline in government regulation of all sorts resulted. By mid-century, the competition between various nations, between old and new industries, between small or middle sized producers of the same products widely spread in Europe. However under such circumstances the result was the most amazing flower of nineteenth century economic development: the rise of big business. Some industries however merged with or bought out their competitors to produce large new corporations (the merging of industries was known as cartels). Although this was a trend in the early days, it has still remained a main current of western economic history since. Competition and entrepreneurship still play key innovative roles, but big businesses control massive swathes of economic activity today (Acemoglu & Robinson, …show more content…
From the above discussions we can see that the industries (factories) that exist today would never have existed if not because of industrial revolution taking place back in the early years, and how vital they are to today’s generation. However Clark (2012:1) emphasises that the causes of the industrial revolution are still debatable, and that the industrial revolution is the key break in world history, “the event that defines our