The industrial revolution led to the development of factories for mass production and catering to the increased economic activity.
In simplest sense, industry is an economic activity concerned with the processing of raw materials and manufacture of goods in factories.
The Industrial Revolution, from 1760’s to 1840’s, has influenced the transition of manufacturing processes from hand production methods to machines.
The industrial revolution led to the development of factories for mass production and catering to the increased economic activity.
The changed processes along with innovation and introduction of technology have led to significant increases in efficiency and reduction of production costs.
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Also Read:
- What is Crony Capitalism?
- What Is Capitalism?
- What is Socialism?
- What is Free Enterprise?
- What is Third World?
- What is the Fourth World?
- What is Sustainable Economic Growth?
- What is Inclusive Growth?
- What is Industrialisation?
- What are the Effects of Industrial Revolution in India?
(India CSR)
