Summary of article Essay Example | Topics and Well Written Essays - 750 words - 1

Summary of article - Essay Example ecame unemployed; the standard of living lowered for most factory workers who were reduced into slaves and the family foundations wobbled as women worked in the mills. It was seen as a move that benefited only a few people. Before the industrial revolution set in, the economy was not doing well enough to sustain a growing population. The economy was characterized by monopolistic businesses. The youths were forced to work in the army under deplorable conditions. The crime rate also high and the authorities were not able to deal with it. The innovation system was opposed highly, but the factory system despite the many challenges it faced, thrived because of two reasons. The first reason is that the laissez-faire economists worked to educate people against the popular belief that the processes and devices introduced to save on labor were meant to create unemployment. The other reason it thrived was because they beat the authorities at their own game by addressing the problems above that the authorities had not been able to deal with. The factories provided employment for the paupers and the women who were willing to work. The wages paid were little but were better off than nothing. It is only the people who were well off in the society benefitted from the previous system. They are the ones who decided how much the others were going to earn. With the industrial revolution, there was a turn of things where new marketing and production modes were introduced. The goods that were manufactured focused on all consumers especially those that were not the target there before. Whenever the factory system went into the production of whichever goods, it first started by producing the cheap products for the greater percentage of the masses. The production of the expensive products only came much later. For example, when the factories produced cotton goods, the rich were not interested in cotton goods. These then became the target of the other consumers. It was a system of