Explain the impact of the Industrial Revolution on society, economy and polity.

The Industrial Revolution had profound effects on society, economy and polity.

Social Impact:

1. New towns and cities grew with large-scale trade and factories. The crowding of people in towns created housing shortages, rise of slums and poor health and sanitation.
2. It divided the society into two classes - industrial capitalists (owners) and workers (wage earners), leading to social inequalities and exploitation.

Economic Impact:

1. Mass production of many goods created surpluses that could not be consumed at home. To sell these goods and get raw materials, countries pushed exports overseas, encouraging the acquisition of colonies in Asia and Africa.
2. Growth of trade and commerce on a very large scale led to rise of capitalism as the dominant economic system concentrating economic power in a few hands.

Political Impact:

1. Early on during Industrial Revolution Laissez-faire ("let us alone") gained momentum. Later on, opposition to laissez-faire grew; due to inhuman working conditions, governments passed Factory Acts in England to protect workers’ rights.
2. Expansion and competition for colonies strengthened imperialism, which, along with rising capitalism, eventually contributed to the two World Wars.