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Summer School 2: The golden ages of labor and looms

Planet Money

INSIGHT

Industrial Revolution's Short-Term Pain, Long-Term Gain

  • The Industrial Revolution initially led to declining living standards for ordinary workers in Britain.
  • It took several decades before conditions improved and living standards rebounded.
  • While the long-term benefits of industrialization are clear, the transition period was difficult for workers to endure.
  • The pain of acute transitions in the economy often precedes eventual improvements.
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