The Industrial Revolution is the substitution of competition for the medieval regulations which had previously controlled the production and distribution of wealth. It is not only one of the most important facts of English history, but Europe led to growth of two systems of thought: Economic science and Socialism.

The principal facts of Industrial Revolution are the far greater rapidity which marks the growth of population and an agrarian revolution.

In this period, there is also a decrease in rural population for the destruction of the common-field system of cultivation, for the enclosure on a large scale of common and waste lands and for the consolidation of smalls farms into large.

Moreover there was an agricultural advance for several reasons: the breed of cattle was improved, the rotation of crops was generally introduced, the steam-plough was invented and agricultural societies were instituted.

The Industrial Revolution is remembered also for the mechanical inventions in textile industry (the spinning-jenny, the water-frame, Crompton’s mule and the self-acting mule) and for the mechanical revolution in iron industry (the power loom and the mule were invented). Furthermore the systems of communication improved, indeed, the canal system, water-way and railroad became fundamental.

There were also some changes in manufacturing world, indeed, the farmers shared in the prosperity of the landlords; many of them held their farms under beneficial leases, and made large profits by them;in consequence their character completely changed, they ceased to work and live with their labourers and became a distinct class. We can say that misery of working people often caused by conditions of labour under the factory systems, the rise of prices and a sudden fluctuations of trade.   The effect of the Industrial Revolution prove that free competition may produce wealth without producing well-being.