The Industrial Revolution brought about sweeping changes in economic and social organization. These changes included a wider distribution of wealth and increased international trade. Managerial hierarchies also developed to oversee the division of labor.

The Industrial Revolution changed material production, wealth, labor patterns and population distribution. Population movement was caused by people living in small farming communities who moved to cities. These prospective workers were looking for wage labor in newly developed factories.

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.

The Industrial Revolution impacted the environment. The world saw a major increase in population, which, along with an increase in living standards, led to the depletion of natural resources. The use of chemicals and fuel in factories resulted in increased air and water pollution and an increased use of fossil fuels.

10 Major Effects of the Industrial Revolution

• #1 The Factory System.
• #2 Rise of Capitalism.
• #3 Urbanization.
• #4 Exploitation of the Working Class.
• #5 Opportunity and Increase in the standard of living.
• #7 Technological Advancement.
• #8 Rise of Socialism and Marxism.
• #9 Transfer of Wealth and Power to the West.

Two advantages of industrialisation were: The growth of industries has resulted in large scale production of goods which were available to the consumer at much cheaper rates. Industrialisation creates new job opportunities, leading to the removal of poverty to a great extent.

Industrialization has been instrumental in the economic development of the world. The process has improved productivity and allowed for mass production, which has increased standards of living.

Labor unions were created in order to help the workers with work-related difficulties such as low pay, unsafe or unsanitary working conditions, long hours, and other situations. Workers often had problems with their bosses as a result of membership in the unions.

What was the main reason for poor living conditions in cities? Cities were not prepared for so many new workers. What was the biggest effect that new technology had on farm workers? Many workers lost their jobs.

Following problems need to be highlighted.

• Urban Sprawl: Urban sprawl or real expansion of the cities, both in population and geographical area, of rapidly growing cities is the root cause of urban problems.
• Overcrowding:
• Housing:
• Unemployment:
• Slums and Squatter Settlements:
• Transport:
• Water:
• Sewerage Problems:

While the standard of living was improved for the middle and upper classes, it may have worsened for the lower and impoverished classes. The overall effect of the Industrial Revolution on standard of living was positive for those in the higher classes, but much more negative for the working class.

The average federal income tax rate for the highest-income taxpayers has been falling steadily for the past 60 years, according to the report. The natural effect of lower tax rates is that the wealthiest get to keep more of their income, which tends to widen the gap between rich and poor, according to the CRS analysis.

Here are the 10 countries with the highest wealth inequality:

• Netherlands (0.902)
• Russia (0.879)
• Sweden (0.867)
• United States (0.852)
• Brazil (0.849)
• Thailand (0.846)
• Denmark (0.838)
• Philippines (0.837)

Why is Inequality Increasing? Globalization can increase wage inequality in a relatively rich country by increasing the imports of manufactured goods using predominantly low-skilled labor from developing countries. These two forces can widen the wage gap between high-skilled and low-skilled workers.

Six policies to reduce economic inequality

1. Increase the minimum wage.
2. Expand the Earned Income Tax.
3. Build assets for working families.
4. Invest in education.
5. Make the tax code more progressive.
6. End residential segregation.

6 Sports Rich People Engage In

• Automobile Racing. Automobile racing is one great motorsport involving the race of cars in competition with each other.
• Tennis. Lawn tennis is an excellent racket sport that can be played between two teams or by a single individual against another person.
• Golf.
• Skiing.
• Sailing.
• Horse Racing.

Two researchers claim that global income inequality is decreasing due to strong economic growth in developing countries. In advanced economies, the gap between the rich and poor is at its highest level in decades.

Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, a lower population-wide satisfaction and happiness and even a lower level of economic growth when human capital is neglected for high-end consumption.

Income and wealth inequality is higher in the United States than in almost any other developed country, and it is rising. There are large wealth and income gaps across racial groups, which many experts attribute to the country’s legacy of slavery and racist economic policies.

United States