The radical change and advancement in the economy, as we observe today, is the result of the modern technology.
Technology has brought about efficiency and quality in the manufacturing sector.
Not only that life has become easy and comfortable, there are also indications of several threats to life and society in the future due to use/misuse of modern technology.
The nature and extent of development the human society has experienced by now is heading towards crises in future.
Presently, the trade industry has improved a great deal due to technology changes because traders can use vehicles and airplanes to transport and supply goods to the consumers.
Starting a business in the past needed no registration since the technology was in its minimal form.The societies have become an information world where technology is almost everything as opposed to the past.Technology has changed and advanced a great deal presently compared to the earlier periods.The sustainability of development is in question today.This has happened only due to irrational use of technology.Consequently, the merchant class profits from the wealth generated from the factories.Furthermore, the family units are more susceptible to high divorce rates and soaring rates of teenage suicides presently.As a result, burly family ties, right to occupy land, and self-sufficiency were substituted with the tentative rental of land, reliance on trade, and deterioration of family units (Klein, 2008).The Industrial Revolution has affected the economy by allowing goods and money to flourish making business to proliferate compared to the past.This could be possible only because of technological advancement in health sector.There is perhaps no field of human life which has not been affected by technology.