1. The Industrial Revolution inspired new economic ideas like capitalism, laissez-faire economics, and entrepreneurship. Competing views like socialism arose in response to the harsh conditions of industrialization. 2. The rise of industry separated work life from home life and changed the roles of women in society. It also increased wealth, living standards, and control over other economies for some countries. 3. Industrialization had wide-ranging effects on society like changes to art, politics, and transportation, as well as increased leisure time and education levels for families. However, it also led to overcrowded and polluted cities with rapid population growth.