The Industrial Revolution is a historical process which brought radical changes in nineteen century in England and in the western world.
The essence of the Industrial Revolution is the substitution of competition for the mediaeval regulations which had previously controlled the production and distribution of wealth. A consequence of this substitution is the birth of economic science and socialism. The two different points of view were fostered by the works of four important economists namely A. Smith, R. Malthus, D. Ricardo, J. S. Mill. These economists argued that a free market, in which everyone followed their own self- interest, would maximize the nation's utility. The Industrial Revolution fueled the creation of a truly modern capitalist system.
In this process technology changed: hand tools were replaced by steam- or electricity-driven machines.
To add population boomed, and demographics shifted.
Because industrial resources like coal and iron were in Central and Northern England, a shift in population from Southern England northward took place. Northern cities grew tremendously.
Further more there were mechanical inventions in textile industry and iron industry. Were improved also means of communication (Canals, railroads). The result was an increase in commerce and a substitution of factory system in domestic system.
Social classes had also a change, there were the rich and the poor. This created class conflict.
The effects of Industrial Revolution prove that free competition may produce wealth without producing well-being.