Industrialisation plays an important role in the promotion of trade. The advanced nations gain in trade than countries who are industrially backward. The underdeveloped countries export primary products and import industrial products. While industrial products command higher values & their demand is inelastic.

The Industrial Revolution transformed economies that had been based on agriculture and handicrafts into economies based on large-scale industry, mechanized manufacturing, and the factory system. New machines, new power sources, and new ways of organizing work made existing industries more productive and efficient.

The Industrial Revolution was a shift from an agrarian economy to a manufacturing economy where products were no longer made solely by hand but by machines. This led to increased production and efficiency, lower prices, more goods, improved wages, and migration from rural areas to urban areas.

The Industrial Revolution began in Great Britain, and many of the technological innovations were of British origin. Economic historians are in agreement that the onset of the Industrial Revolution is the most important event in the history of humanity since the domestication of animals and plants.

Industrialization is the transformation of a society from agrarian to a manufacturing or industrial economy. Industrialization contributes to negative externalities such as environmental pollution. Separation of capital and labor creates a disparity in incomes between laborers and those who control capital resources.

Industries play an important role in the economic development of any nation . without industries, economic development is impossible. The various favourable factors present in the country for the development of industries are: The country is rich in natural resources, such as minerals, forests, fisheries, etc.

Why was the Industrial Revolution seen as both a blessing and a curse? Blessing: More money for some people. Travel more, more jobs. Curse: Bad living conditions, low pay.