Question

How did industrialization affect hi business owners differently from the way it affected working class laborers

Answer 1

Industrialization had a completely opposite effect on business owners in relation to the working class laborers. With the increase in production due to industrialization, a faster and more efficient production process, there was an increase in profits and the possibility for business owners to consolidate capital. On the other hand, a large supply of labor due to the migration of population to industrial centers, reduced labor costs, increased working hours and drastically reduced basic living conditions for workers. Low labor costs allowed business owners to make more profit at the expense of low labor costs, and the availability of employee replacement at all times.

Answer 2

Business owners made profits and benefited from new industrial technologies, while laborers were paid little and rarely had access to new products resulting from industrial advances.