What impact did the Industrial Revolution have on capitalism?

What impact did the Industrial Revolution have on capitalism?

The Industrial Revolution significantly transformed capitalism by shifting economies from agrarian to industrial. It led to mass production, increased efficiency, and the rise of factory systems.

Can you explain how it affected labor conditions?

Certainly! The Industrial Revolution often resulted in poor labor conditions, with long hours, low wages, and unsafe environments. This sparked movements for labor rights and reforms.

What were some positive outcomes of this transformation?

Positive outcomes included technological advancements, increased productivity, and the creation of new job opportunities, which contributed to economic growth.

Did it lead to any social changes?

Yes, it led to significant social changes, including urbanization, the rise of the middle class, and shifts in family dynamics as more people moved to cities for work.

How did capitalism evolve as a result?

Capitalism evolved to embrace more complex financial systems, global trade, and consumerism, ultimately leading to the modern capitalist economy we see today.