The social impact was that it basically changed the way people lived and worked. It brought about the new social classes (of capitalist, factory workers and later, middle class society.) the negative effect is that it led to the exploitation of the weaker sections of the society.
The political impact is that, as the government policy of the early years of industrialisation was based on a theory of 'laissez faire' or 'let us alone', an idea of the famous economist, adam smith. According to this political theory, business men should be free to look after their own interest and that the government was not to interfere with the business of the private industry. Only the unwritten law of supply and demand determines the size of profits. The same law would also determine the fate of the worker, his salary and working conditions. After this, labourers later formed unions which went on strike and they turned out to get violent. In mid 19th century, the greatest threat to captalism came in the form of an alternative theory known as marxism or communism, put forward by Karl Marx and Frederick Engels.
The political impact is that, as the government policy of the early years of industrialisation was based on a theory of 'laissez faire' or 'let us alone', an idea of the famous economist, adam smith. According to this political theory, business men should be free to look after their own interest and that the government was not to interfere with the business of the private industry. Only the unwritten law of supply and demand determines the size of profits. The same law would also determine the fate of the worker, his salary and working conditions. After this, labourers later formed unions which went on strike and they turned out to get violent. In mid 19th century, the greatest threat to captalism came in the form of an alternative theory known as marxism or communism, put forward by Karl Marx and Frederick Engels.
