* Increased profits: Industrialization led to increased productivity and efficiency, which allowed businesses to produce more goods at a lower cost, resulting in higher profits.
* Access to new technology: Industrialization introduced new technologies and machinery that enabled businesses to improve their production processes and increase output.
* Expanded markets: Industrialization opened up new markets both domestically and internationally, as improved transportation networks and communication systems made it easier for businesses to reach a wider customer base.
* Concentration of wealth: Industrialization led to the accumulation of wealth in the hands of a few wealthy business owners and investors, creating a significant wealth gap between business owners and workers.
* Increased control and power: Business owners gained more control over the production process and held more power in economic decision-making.
Working-class laborers:
* Lower wages: The shift from artisanal production to large-scale manufacturing, combined with an abundant labor supply, contributed to a decline in wages and a race to the bottom.
* Poor working conditions: Factories were often unsafe and unhygienic, and laborers worked long hours under dangerous conditions, leading to health problems and accidents.
* Limited opportunities for advancement: Workers were mostly unskilled or semi-skilled laborers and had limited chances for career advancement or job mobility.
* Dependency on factory work: Industrialization shifted workers' livelihoods from traditional agrarian societies to dependence on factory employment, making them vulnerable to market fluctuations and economic downturns.
* Exploitation: Business owners often sought to maximize profits by minimizing labour costs, sometimes even employing children and women at lower wages in hazardous jobs.