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Q. How did the industrial revolution from the 18th-19th century has shaped/changed our perceptions on the socioeconomic development back then as compared to what we've been experiencing in our decade today?
Answer
It did a lot of things, but one of the most dramatic was that it changed the idea that one had to come from money in order to have money. The Industrial Revolution created the nouveau-riche, or new moneyed people.
Men who owned factories or started railroads suddenly had more money than the landed dukes and duchesses in the Old World. The Industrial Revolution made working men into captains of industry; they had more money and power than kings and princes, and that created not only personal power but a great deal of hubris. This is how the Robber Barons were created, via industrial power. Names like Du Pont, Ford, Carnegie, Edison were suddenly known around the world, when only a few decades earlier they had been nobodies.
This had never happened before.
It did a lot of things, but one of the most dramatic was that it changed the idea that one had to come from money in order to have money. The Industrial Revolution created the nouveau-riche, or new moneyed people.
Men who owned factories or started railroads suddenly had more money than the landed dukes and duchesses in the Old World. The Industrial Revolution made working men into captains of industry; they had more money and power than kings and princes, and that created not only personal power but a great deal of hubris. This is how the Robber Barons were created, via industrial power. Names like Du Pont, Ford, Carnegie, Edison were suddenly known around the world, when only a few decades earlier they had been nobodies.
This had never happened before.
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