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The impact of this change on society was enormous. [4]
The first Industrial Revolution merged into the Second Industrial Revolution around 1850, when technological and economic progress gained momentum with the development of steam-powered ships, railways, and later in the nineteenth century with the internal combustion engine and electrical power generation. By 1920 innovator Henry Ford, father of the assembly line, stated, "There is but one rule for the industrialist, and that is: Make the highest quality goods possible at the lowest cost possible, paying the highest wages possible."
It has been argued that GDP per capita was much more stable and progressed at a much slower rate until the Industrial Revolution and the emergence of the modern capitalist economy, and that it has since increased rapidly in capitalist countries...
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