what was the impact of industrial revolution on township, trade and finance?
Dear Chirantan,
Impacts of the Industrial revolution were as follows :
Township:
Industrial revolution led to an increase in urbanization. More and more people came to cities in search of employment. Hence, the overcrowding of cities was the natural effect. Workers started living near factories. This created a system of small workers quarters, along with some basic facilities like school, shop etc. on the premises. It also led to excessive pollution of the environment.
Finance :
The industrialization created a wide gap between the rich and poor due to a division of labor and capital. People who owned capital in the form of land and industries accumulated excessive wealth and those who did not own anything worked as laborers. Hence, creating a high disparity of income and wealth.
European society transformed from agrarian to manufacturing.
Trade :
Invention and Industrial revolution led to the search for new markets for selling the produce and sourcing raw materials. This led to colonization in Asia, Latin America, and Asia. The trade balance was profitable for Europe but was disastrous for colonies.
Regards,
Impacts of the Industrial revolution were as follows :
Township:
Industrial revolution led to an increase in urbanization. More and more people came to cities in search of employment. Hence, the overcrowding of cities was the natural effect. Workers started living near factories. This created a system of small workers quarters, along with some basic facilities like school, shop etc. on the premises. It also led to excessive pollution of the environment.
Finance :
The industrialization created a wide gap between the rich and poor due to a division of labor and capital. People who owned capital in the form of land and industries accumulated excessive wealth and those who did not own anything worked as laborers. Hence, creating a high disparity of income and wealth.
European society transformed from agrarian to manufacturing.
Trade :
Invention and Industrial revolution led to the search for new markets for selling the produce and sourcing raw materials. This led to colonization in Asia, Latin America, and Asia. The trade balance was profitable for Europe but was disastrous for colonies.
Regards,