It increased material wealth, extended life, and was a powerful force for social change. It undermined the centuries-old class structure in Europe and reorganized the economic and philosophical worldview of the West. Preindustrial Europe was static and based upon privilege.

It had an abundance of land and this land had a wealth of natural resources. Natural Resources led to industrialization because natural resources provided the raw materials used to build machines and factories, as well as the raw materials to manufacture goods.

This process began in Britain in the 18th century and from there spread to other parts of the world. Although used earlier by French writers, the term Industrial Revolution was first popularized by the English economic historian Arnold Toynbee (1852–83) to describe Britain’s economic development from 1760 to 1840.

Historians have identified several causes for the Industrial Revolution, including: the emergence of capitalism, European imperialism, efforts to mine coal, and the effects of the Agricultural Revolution. Capitalism was a central component necessary for the rise of industrialization.

List of Cons of Industrial Revolution

• Hard Labor and Bad Work Conditions. Working from factories was exhausting, where people worked longer hours under bad conditions, which led to illnesses and even death.
• Over-Population.
• Loss of Craftsmanship.
• Pollution.
• Less Healthier Lifestyle.
• Unemployment.
• Diseases.

Prices on all goods fell dramatically and wages were reduced 10 percent or more. Overproduction, the flooding of the market with goods at a time when consumers were unable to afford them, led to a steep plunge in prices for farm products. Most farmers had borrowed money to plant their crops.