An Industrial revolution is the process of manufacturing products through technological machines rather human beings exercising the whole process using hand production methods. Evolvement of industrial production has brought along great economic impacts as discussed below.
It has led to the end of monopolies as the cost production was cut down due to adoption of new and effective technologies which led to industrialization thus many countries were able to venture in. It has led to increased innovation and invention by humans in the production industry thus improvement of end products. This is due to the fact that more people have developed a thirst for more knowledge.
It has led to effective scientific research thus resulting in new proofs and inventions and enhancement of health sector. People have now access to affordable medical treatment in terms of effective drugs and operations which was earlier unaffordable due to high prices and lack of effective machines to diagnose the major illness and carry out their operations.
It has led o increased mechanization in production thus cutting down the cost of production and manufacturing as machines are quite faster than human beings. This has eased human beings of their daily hard chores.
It has made the production easier through division of labor and specialization thus making production faster and more economical compared to hand methods of production. This has in turn increased daily productions thus increasing companies profit margin.
It has improved peoples standards of living due to the fact that more people have access to jobs and business opportunities. This has greatly had effect on accessibility of quality education and health services.
It has led to improved infrastructure which has greatly had effect on improved communication, transportation modes and construction of modern housing.
It has led to urbanization thus a major drive to environmental growth as government work on improving living standards of their people.
It has led to stabilization of economic market due to increased demand of good and services as they are easily available in good qualities and desired quantities all over the world.
It has enhanced political stability as different countries emerge together and form trade ties as they engage in signing of contracts thus enhancing overall peace in the world. This has also enhanced development of aids to trade thus a positive impact to the surrounding community.
It has also reduced tribal enmity in various communities as people work together toward achieving a common goal thus improving peaceful coexistence .This has also led to intermarriages which in turn has contributed to adoption of different cultures, traditions and societal norms.
In conclusion, Industrial Revolution has greatly affected not only industrial but social economic sectors in the world at large. It has greatly improved living standards in terms of health, education and security thus increasing overall human lifespan at large. It has led to increased competition in production of goods and services thus resulting to qualitative and quantitative outcomes. It has greatly had a positive effect on the overall development of Third World Countries.