Industrial Revolution. During the 1700s and early 1800s, great changes took place in the lives and work of people in several parts of the world. These changes resulted from the development of industrialization. The term Industrial Revolution refers both to the changes that occurred and to the period itself.
The Industrial Revolution created an enormous increase in the production of many kinds of goods. Some of this increase in production resulted from the introduction of power-driven machinery and the development of factory organization. Before the revolution, manufacturing was done by hand or simple machines. Most people worked at home in rural areas. A few worked in shops in towns as part of associations called guilds. The Industrial Revolution eventually took manufacturing out of the home and workshop. Power-driven machines replaced handwork, and factories developed as the best way of bringing together the machines and the workers to operate them.
As the Industrial Revolution grew, private investors and financial institutions were needed to provide money for the further expansion of industrialization. Financiers and banks thus became as important as industrialists and factories in the growth of the revolution. For the first time in European history, wealthy business leaders called capitalists took over the control and organization of manufacturing.
Source: http://www.wsu.edu/~dee/ENLIGHT/INDUSTRY.HTM
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