Industrial Revolution is the substitution of competition for the mediaeval regulations.

It created: Economic Science and Socialism.

Economic science improved thanks to 4 economists: Adam Smith, Malthus, Ricardo and Stuart Mill.

With industrial revolution grew population.

Decline of agricultural population because of: destruction of common-fields, the enclosures, the consolidation of small farms into big ones. Agriculture improved especially with the rotation fields system.

Also manufacture changed, new machines were involved like the steam - engine by Watt. 

Also iron industry was revolute by the use of smelting pit - coal.

Factory system improved and machines became used in every business. Also trade improved, in 1830 was built the first railroad. Products now could reach new states and places so new buyers. Relating with trade’s increasing there have been new phenomenon like over-production and inflation. 

The effects of the Industrial Revolution prove that free competition may produce wealth without producing well-being.