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The industrial revolution refers to the period between late 18th century and 19th century
when urbanization of rural areas in Europe and America took place. This urbanization was
characterized by industrialization of most of these areas. Previously, manufacturing was done on
small scale and by individual in their homes. Eventually, places were set aside, people started
manufacturing industries, and trade centers emerged. Businesses, which were characterized by
manufactured goods, emerged and prospered easily as population growth demanded for more
products. Infrastructural development like energy, transport, and building developed with ease
during this period. Another important development was mechanization of sectors like
agriculture, which solely depended on human labor, industrial sector where manufacturing was
done using small hand tools and communication. Therefore, there was mass production across all
sectors. The industrial growth and market creation led to emergence of systems like banking.
Further, industrialization played a core role in the increased in volume and variety of
manufactured goods since innovation continued. Additionally, it led to improved standard of
living among the people who secured employments in these industries as well as creating
working classes. This paper will analyze industrial revolution with respect to innovations,
transportation, banking, communication, and the quality of life during and after industrial
Innovation and Industrialization
Industrial revolution particularly transformed textile industry. Initially, people owned
textile shops in their home that were characterized by all manual works. There were no machines
to complement manual work and this could only result to limited production. Actually, the daily
production was not pre-determined since a person could decide to close his...