Impact of Industrial Revolution on the Contemporary and Future Economy (Research Paper Sample)

Impact of Industrial Revolution on the Contemporary Economy
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Impact of Industrial Revolution on the Contemporary and Future Economy
Background
"Industrial Revolution," entails an economic shift from a primarily agricultural economy to one that is more reliant on industrial and machinery production. This breakthrough saw a significant shift in the aspect and nature of manufacturing goods, with machines taking the role of tools and steam and also other forms of energy replacing human and animal force. As a result of this Revolution, individuals became increasingly productive, items got increasingly made, and costs fell, rendering previously inaccessible goods accessible not just to the affluent but also to the middle and working classes. In other words, this breakthrough revolutionized the nations’ economies while impacting the lives of many individuals. The revolution can be viewed through the economic lens, on how it had immediate and long-term impacts on the nations' economies. As such, besides the fact that the industrial revolution had an immediate impact on the nation’s economy; the revolution has also had a major impact on the contemporary economies through its influence on other major revolutions.[Mahajan, Haradhan. "The first industrial revolution: Creation of a new global human era." (2019): 377-387] [Stearns, Peter N. The Industrial Revolution in world history. Routledge, 2020.] [Locke, Joseph L., and Ben Wright, eds. The American Yawp: A Massively Collaborative Open US History Textbook, Vol. 1: To 1877. Stanford University Press, 2019.a]
Existing Research on the Topic
The impact of the industrial revolution on the nations' economies has caught many researchers' attention. According to various pieces of research, the Industrial Revolution had an enormous impact on both the economic, social, and political lenses. According to Harathan Mohajan's research, on "The first industrial revolution: Creation of a new global human era,” Industrial Revolution was revived for worldwide economic development, industrial expansion, and increased consumption among the general populace.” Similarly, as per Antony Wallace, the main characteristics of this period included cultural, technological, and socioeconomic changes, where the technological alterations had a significant impact on the economy. He claims that these technical advancements enabled a vastly expanded utilization of natural resources as well as mass manufacturing of products, which boosted the economy and also improved the overall living conditions of individuals. In summary, these scholars assert that the Industrial Revolution was perhaps the most significant in the history of humankind due to its far-reaching effects on the entire economy and the people's everyday lives.[Mahajan, Haradhan. "The first industrial revolution: Creation of a new global human era." (2019): 377-387] [Wallace, Antony. Industrial Revolution. Britannica. 2020.]
The Observed Immediate Economic Impacts of the Industrial Revolution
Scholars have argued that the industrial revolution had immediate impacts on the economies of nations. According to James Che, Industrial Revolution increased the number of available jobs. Chen claims that, as industries grew more prevalent, extra managers and workers were necessary to run them, increasing the number of available positions and average pay. In addition, populations also travelled to metropolitan regions in pursuit of employment since the majority of industries and big corporations were situated close to cities, frequently exceeding the existing supply of housing. This, as he asserts, resulted in considerable urban planning enhancements, which needed more individuals to make the advancements a success. Research by Stephen Broadberry, in "The Modern World: Britain, the Industrial Revolution, and Modern Economic Growth," the decline of agricultural practices was paralleled by the development of industrial and service sectors, such that structural transition followed economic expansion. Furthermore, Joseph Locke on “The American Yawp” claim that the increasing innovations also led to more motivation as well as education, leading to several ground-breaking innovations that are still in use. This Revolution, according to Locke, altered how individuals worked and even where they lived.[Chen, James. "Industrial revolution." Investopedia. com (2020).] [Broadberry, Stephen. "The Modern World: Britain, the Industrial Revolution, and Modern Economic Growth." Cambridge University Press (2021).]
Observed Negative Impacts of the Industrial Revolution on the Economy
Current researchers have also zeroed in on the negative impacts of the Revolution on the economy. According to various researchers, terrible workplace conditions, low income, poor housing conditions, increased slavery, and environmental pollution were some of the negative impacts associated with this economic Revolution. Patrick Kiger, for instance, on “Industrial Revolution Negative Effects” claims that, although Industrial Revolution fostered economic expansion and presented new possibilities, it was accompanied by severe drawbacks, including environmental harm, health and security concerns, and filthy living circumstances for working individuals and their families. According to Elias Beck, in "NEGATIVES OF THE INDUSTRIAL REVOLUTION," the rise of the laissez-faire capitalist system was among the significant outcomes of this Revolution. " Laissez-faire capitalism refers to a fundamentally autonomous mindset wherein the state has little control over a nation's economic decisions". This economic and political context facilitated the exploitation of working-class individuals by affluent industrial and mining owners.[Kiger, Patrick. “Industrial Revolution Negative Effects.” (Nov 9, 2021).] [Broadberry, Stephen. "The Modern World: Britain