Question

mention the consequences of industrial revolution in economic field

Answer 1

The Industrial Revolution was the transition to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, improved efficiency of water power, the increasing use of steam power, the development of machine tools and the rise of the factory system. Textiles were the dominant industry of the Industrial Revolution in terms of employment, value of output and capital invested; the textile industry was also the first to use modern production methods.[1] The Industrial Revolution began in Great Britain and most of the important technological innovations were British. The social, economic and political changes in the previous centuries in Great Britain contributed. Whereas absolutism stayed the normal form of power execution through most parts of Europe, institutions ensured property rights and political safety to the people in the UK after the Glorious Revolutionof 1688. A change in marrying patterns to getting married later made people able to accumulate more human capital during their youth, thereby encouraging economic development.

Answer 2

The industrial and economic advancements of the Industrial Revolution brought important social changes. Industrialization produced an expansion in the population by providing the opportunities of work to the laborers  in the country side. Industrialization indicated a shift to powered, special-purpose machines, vast facilities which reduced hand labor and mass generation.