what is industrial revolution and mention the consequences of the industrial revolution in the economic field..
Answers
Answer:
Industrial Revolution, in modern history, the process of change from an agrarian and handicraft economy to one dominated by industry and machine manufacturing. This process began in Britain in the 18th century and from there spread to other parts of the world. Although used earlier by French writers, the term Industrial Revolution was first popularized by the English economic historian Arnold Toynbee (1852–83) to describe Britain’s economic development from 1760 to 1840. Since Toynbee’s time the term has been more broadly applied.
The Industrial Revolution brought about sweeping changes in economic and social organization. These changes included a wider distribution of wealth and increased international trade. Managerial hierarchies also developed to oversee the division of labor.
Explanation:
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.