Industrial economy

The industrial economy emerged from the Industrial Revolution, which began in the 18th century in England. This economic model is based on large-scale production, the use of machines, and the organization of work to maximize efficiency and profit. Main Characteristics of the Industrial Economy Mass Production – The use of machines and factories allowed the production of goods in large quantities, reducing costs. Use of Technology and Innovation – Advances in science and engineering led to the creation of new machines and energy sources, such as the steam engine and, later, electricity. Division of Labor and Specialization – Work was organized into specific stages, as in Henry Ford's assembly line, increasing productivity. Urban Growth and Migration – The emergence of factories attracted millions of people from the countryside to the cities, leading to urbanization. Expansion of Trade and Capitalism – Increased production generated surpluses that were sold globally, strengthening international trade. Changes in Labor Relations – Wage labor became predominant, replacing artisanal production and the feudal system.

Phases of the Industrial Economy First Industrial Revolution (18th and 19th centuries): Use of steam, coal and mechanization of the textile industry. Second Industrial Revolution (19th and 20th centuries): Electricity, steel, oil and mass production. Third Industrial Revolution (20th and 21st centuries): Automation, robotics and computing. Fourth Industrial Revolution (current): Artificial intelligence, internet of things and biotechnology. Impacts of the Industrial Economy ✅ Positive: Increased production and consumption. Greater access to goods and services. Economic growth and innovation. ❌ Negative: Exploitation of labor and poor working conditions. Social inequality and concentration of wealth. Environmental impacts, such as pollution and deforestation.