1. Global consequences of the industrial revolution
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 in Britain.
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 of industry.
6. Two classes, the capitalist and the laboring classes were created by the Revolution.
The capitalists were the masters of industries, the managers of mills and the proprietors
of workshops, who amassed great wealth, owing to a high profit margin. The laboring
class, was a mere tool in the factories. Thus, the gap between the rich and the poor went
on widening.
7. England grew very wealthy on account of industrialization. It became a leading
country, in the field of industry, trade, commerce and finance.
8. C. The Industrial Revolution encouraged Colonialism and Imperialism
9. England, the U.S.A., Russia and many European countries built large colonial empires.
They needed colonies for securing raw materials at low prices for their industries. They
also used the colonies as markets for setting their finished products at high prices
10. Growth of Socialism and Communism
Social evils sprang up, owing to the factory system and communism. Some early
socialists like Saint Simon, Charles Fourier, Louis Blanc and Robert Owen stood up to
remove these evils. They were called the Utopians. The socialist movement was a
peaceful one upto 1848. It aimed at eliminating the capitalist class and substituting some
form of working class ownership and control of the means of production