Industrial Revolution Affected A Nation's Economy

In terms of economics, the industrial revolution caused a nation’s economy to flourish and to be prosperous. On a global scale, the economy grew because of the amplified exchange of raw materials as well as the mass productions of goods in factories drove down the cost of items consumers desired. If there was an abundance of goods, the price could go down which would cause more individuals to buy the goods therefore, allowing the economy to thrive because of the large amount of money circulating. Additionally, because of the mass production of goods, on a global scale, the economy was boosting. Competition between factories around the world was also essential for stimulating growth which then increased production thereby increasing money spent

At first, when technology wasn’t as advanced, machines depended on wind, wood, and water then as the industrial revolution progressed, the steam engine was developed and it became a substantial part of industrialization because it could power machines in a more efficient way and it greatly affected the transportation industry, along with communication from the printing press and the telegraph which were new inventions at the time. The transportation industry had steam powered ships and trains that could not only transport goods globally, but could also transport people globally. This lead to rapid urbanization to nation that had large factories or large amounts of goods. This rapid urbanization was caused by the considerable amount of jobs that accumulated in cities. In addition, rapid urbanization had many positive effects, along with a few negative effects. Although, for many in Britain, working at a factory came with many challenges like the amount of money one could make or the lack of safety regulations in the factories, the conditions improved when the government created a minimum wage law to protect the workers and their pay. Additionally, workers could form unions to protect their rights and improve working conditions. Altogether, industrialism had a more global affect than nationalism and imperialism did because, industrialization had given individuals more jobs, socially, while nationalism had primarily focused on powerful people who could travel and conquer like Napoleon Bonaparte when he expanded French territory and imperialism had mainly focused on expanding and imposing order in order to better their own country like when France along with Portugal started to take over