According to Henry George, the industry is a wedge in the discernment that it is pushing itself through the class system of America, and dividing the people as it runs. The impact of industrialization on society according to him is that the rich gain more power and wealth, the circumstances of the poor continue to worsen.
As a key component of the financial system, banks allocate funds from savers to borrowers in an efficient manner. They provide specialized financial services, which reduce the cost of obtaining information about both savings and borrowing opportunities.
