How did the foundation of economies change with the onset of the Industrial Revolution

Answer 1

The Industrial Revolution brought about significant changes in the foundation of economies worldwide. Prior to the Industrial Revolution, most economies were agrarian-based and relied heavily on manual labor, with most people working on farms. However, the Industrial Revolution introduced new means of production, including the use of coal-powered machines, which led to the rise of large-scale factories and mass production.

The Industrial Revolution facilitated the growth of urban areas, as people moved from rural areas to work in factories, which contributed to the growth of a new working class. As a result, the service sector emerged, providing new opportunities for businesses to cater to the needs of the growing population.

The Industrial Revolution changed the way goods were produced and distributed, leading to an increase in trade between countries. This led to the rise of imperialism and colonization, as countries sought new markets for their goods.

Overall, the Industrial Revolution brought about significant changes in the foundations of economies, including new production methods, the rise of factories and urban areas, the emergence of a new working class, and increased trade and commerce between countries.