Industrial revolution. Industrial Revolution including its four significant effects

Industrial Revolution
Industrial Revolution including its four significant effects
The industrial revolution occurred during the late 18th to early 19th century, and it involved immense development that transformed the rural, agrarian communities in America and Europe into urban, industrialized societies. The four significant effects arising from the industrial revolution include the use of steam power for industries and transportation. The steam engine was a significant development since it improved productivity, and it was used in different sectors including ironworks, cotton mills, paper, flour, canals and distilleries. A second effect of the industrial revolution is the growth and development of transportation networks which were very primitive. It includes the construction of canals, rail tracks and roads. A third effect of the industrial revolution is improved in banking and communication. It arose from the need to communicate over long distances as people traveled more. Some of the significant inventions at the time include the telegraph and Morse code. A stock exchange was first established in the early 1790s in London, followed by the New York Stock Exchange in the early 1790s. Fourth, the industrial revolution also had an impact on the workplace and working conditions. Due to urban migration, cities became overcrowded and pollution began to increase. The technological changes made the workplace more tedious and even dangerous, and workers were forced to work for longer hours while making minimum wages.
Classical Economist and Utopian Socialist and the Economy
The Classical Economist believes that the government should not interfere with market exchanges. Instead, it should follow a looser market approach known as “laissez-faire.” The beli...