Effects of Socialism: Socialism was an economic theory that sprang almost directly from the Industrial Revolution. It was a reaction against the unregulated capitalism of the time. Socialism r proposed that society as a whole should control the means of production. It advocated that the Government exists only to oversee its initial phases and then to become nonexistent, leaving the people to govern themselves cooperatively.
This contradicted the tenets of laissez-faire capitalism, which stated that the best total result for the society was achieved if competition 1 took its natural course. This movement was inspired by the problem that the Industrial Revolution presented for the common workers like unsafe working conditions, long hours, and low pay. This made the workers to come together and unite for a common socialist system.
Effects on Capitalism: Industrialization depends largely on capital wealth available for investment in order to speed up development and make more wealth. This capital was one of the leading reasons as to why the British industrial economy prospered.
Factories and Urbanization: Industrialization led to the creation of the factories. The Cotton Spinning activity was first to be mechanized. Later factory system developed. A large number of workers migrated to cities in search of employment. Many cotton mills were established at Manchester which is the first Industrial City of the World. The factory system speed up urbanization.
Child Labour: Industrial Revolution led to the increase in population. In fact mortality rates reduced remarkably. Still there was only a limited scope for education. **** were expected to work at a less pay even though their efficiency was comparable with adults. There was no need of strength to operate machines but skilled labours were needed. Since skilled adults 5 were not available child labour was the preferred choice in manufacturing industries.
Conclusion: Thus the Industrial Revolution has brought drastic changes in the life of nations. It gives rise to urban centres requiring vast municipal services. It created a specialized and interdependent economic life. It made the urban worker completely dependent and at the mercy of the employer. Relations between capitalist and labour were aggravated, and Marxism was the result of this unrest. The revolution also brought a need for a new type of state intervention to protect the labourer and to provide necessary services.
