The following essay is an account of the process of the Industrial Revolution which is based on the text of Arnold Toynbee who wrote  the chief features of the Industrial Revolution in 1884.

He writes that the essence of the industrial revolution is the substitution of competition for the medieaval regulations which had controlled the prodution and distribution of wealth.This mean that there is a new sistem of production and distribution and it is based on competition. Competition is when people or organizations try to be more sucessfull than other people or organizations and base itself on rules of trade: offer , demand,quality and good price.

The Industrial Revolution was a very important process for England but also for all world:

Two systems of thought developed during the Industrian Revolution: Economic Science and Socialism.The development of the Economic Science has four chief landmarks: the first is the publication of Adam Smith's Wealth of Nations in 1776 in which he investigated the causes of wealth. The second is Malthus's Essay on population published in 1798 in which he considered the causes of poverty. The third is Ricardo's principles of political economy and taxation in which he showed how wealth is distributed under a system. The fourth is john stuart mill's principles of political economy .he tried to distinguish the difference between production and distribution and he attempted to solve the problem of wealth: how welth ought to be distributed.

 Two of the most important facts of the industrial Revolution  are the growth of population and the decline in the agricultural population. The growth of population is due to the fact that condition of living of people is better  thank to a new scientific approach in living.The causes of decline in the agricultural population are the destruction of the common-field system of cultivation, the enclosure and consolidation of small farms into large.More labourers drive out of land and there is a conversion o arable to pasture. More Agricultural advance are improved thank to a more scientific approach: breed of cattle is improved,rotation of crops is introduced, the steam-plough was invented, agricultural societies are institued.

The substitution of  family sistem of production  into manufacturing Industiral sistem of production help the growth of industry.Mechanical inventions in textile industry are invented.Hargreaves patents the spinning jenny, Arkwright the water frame, Crompton the mule, kelly the self acting mule. In  1769 James Watt takes out his patent for the steam- engine  but the most improtant invention is the power loom by carwright in 1785. the cotton trade treable and the period from 1788 to 1803 is called the golden age. Also salaries increase.

Besides  the iron industry  develop: there is  the invention of smelting by pit coal and the application of the steam engine to blast furnaces.With the innovations of industry there is an expansion of trade and there is the need to improve the meand of comunucation: the canal system is developed, the roads are improved and in 1830 railroad is opened.These improved means of comunication caused an increase in commerce so there are periods of over production and of depression. As a consequence there is a revolution in distribution. In agriculture the prominent fact is a rise in rents.social change in country life: there is a change in hte balance of political power and in the relative position of classes. The farmers shared in the prosperity of the londlords so their character changed, they ceased to work and live in luxury.

The misery which came upon large sections of the working people is due to a fall in salaries and the rise of prices .To conclude  the effects of the industrial revolution prove that free competition may produce wealth without producing well being.