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A Roberts loom in a weaving shed in the United Kingdom in 1835. The nature of the Industrial Revolution's impact on living standards in Britain is debated among historians, with Charles Feinstein identifying detrimental impacts on British workers, whilst other historians, including Peter Lindert and Jeffrey Williamson claim the Industrial Revolution improved the living standards of British ...
[12] Others argue that while the growth of the economy's overall productive powers was unprecedented during the Industrial Revolution, living standards for the majority of the population did not grow meaningfully until the late 19th and 20th centuries and that in many ways workers' living standards declined under early capitalism: some studies ...
Şevket Pamuk and Jan-Luiten van Zanden also show that during the Industrial Revolution, living standards in Western Europe increased little before the 1870s, as the increase in nominal wages was undermined by rising food prices. The substantial rise in living standards only started after 1870, with the arrival of cheap food from the Americas.
During the First Industrial Revolution, the industrialist replaced the merchant as the dominant figure in the capitalist system. In the later decades of the 19th century, when the ultimate control and direction of large industry came into the hands of financiers, industrial capitalism gave way to financial capitalism and the corporation.
With the onset of the Industrial Revolution, living standards amongst the working population began to worsen, with cramped and unsanitary urban conditions.A severe long-term shortage of cheap housing led to the rapid growth of slums, the death rate began to rise alarmingly, almost doubling in Birmingham and Liverpool.
The Industrial Revolution spread southwards and eastwards from its origins in Northwest Europe. After the Convention of Kanagawa issued by Commodore Matthew C. Perry forced Japan to open the ports of Shimoda and Hakodate to American trade, the Japanese government realised that drastic reforms were necessary to stave off Western influence.
The increase in capital as a result of the Industrial Revolution led to increased demand for labour as a growing number of people moved to urban centres in search of employment. The large increase in urban population led to high unemployment; over 1.5 million people were unemployed in Great Britain during the early Industrial Revolution.
The basic picture painted of the pre–Industrial Revolution is that the Industrial Revolution was the result of a surplus of money and crops, which led to the development of new technology. The 1500s (16th century) saw the revolution of print, which boosted education and knowledge sharing among locations, and which was an automation-revolution ...