Essay: The Industrial Revolution produced far-reaching consequences in the economic sphere

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The Industrial Revolution produced far-reaching consequences in the economic sphere. In the first place it greatly con­tributed to the progress of humanity through increased production of goods. As a result of the industrial revolution new factories and workshop came into existence, and produced goods in large quantities with the help of machines.

These factories operated on the principle of division of labour with each labourer concentrating on some stage of production rather than the whole process of production. This not only reduced the cost of goods but also improved their quality. Thus industrial revolution made supply of quality goods at cheap rates possible.

Secondly, industrial revolution led to the rise of industrial capitalism and finance capitalism. Before the industrial revolution goods were produced at home with the help of simple and cheap tools which did not need much capital. But with the installation of big machines huge funds were needed and a class of capitalist made its appearance.

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However, with the passage of time the industrial operations grew still more complex and enormous funds were needed which could not be provided by the capi­talists from their individual resources. Therefore, they began to look to­wards investment bankers for these funds. This ushered in era of Finance Capital.

Thirdly, the industrial revolution provided a fillip to trade and com­merce. Due to introduction of machines and division of labour, the pro­duction of goods increased so much that they could not be consumed by the home market or even by the neighbouring countries.

Therefore, the industrial countries began to look for world markets where their goods could be sold. This resulted in enhancement of trade and commerce.

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