PinkMonkey Online Study Guide-World History
8.6 Consequences of the Industrial Revolution
The Industrial Revolution revolutionized art, architecture, literature and science, as also the social, economic, political and cultural life of the people.
A. There were several Economic Effects
Under the Factory system there was large-scale production. This resulted in a low cost of production per unit. There was also uniformity and a high quality in production.
There was a growth of joint stock companies or corporations. Ownership passed from individuals or partnership to joint stock companies or corporations.
There was a growth of industrial combination
of independent firms. This was known as the Trust Movement
Commerce and banking became worldwide in its scope.
It led to the development of capitalism,
since the capitalists owned the means of production like wealth,
land and machinery. Hence the capitalists became the supreme masters