Question

How did the Industrial Revolution affect economic thought?

Answer 1

It led the development of socialist thinking

Explanation:

The Industrial Revolution meant that poverty became concentrated in urban areas instead of the countryside. Thus it was much more visible. It led to contestation of laissez faire economics since it was associated with the emergence of that poverty.

Socialist thinkers contested capitalism both in Europe and in the USA. The Socialist Party emerged in the early years of the twentieth century. The Industrial Workers of the World was another example.