After the end of the first phase of industrial revolution, which was started by the British, the second phase of industrialization emerged from 1870. It advanced systematically, until the First World War. The second industrialization was characterized by the advancement of various aspects of the first industrialization. For example, production improved and transportation systems became more flexible and efficient. The onset of this period is mostly attributed to the development of Bessemer steel, which occurred in the 1860s. During the second industrialization, many countries also adopted industrial practices.

The second industrialization had profound impacts that affected all spheres of life. Economic advancement became possible due to the efficiency of production systems. Consequently, the living standards increasingly became better especially in countries that experienced industrialization. Loss of labor also occurred due to the invention of new machines and tools. These led to serious protests against industrialists. Hence, trade unions were formed out of the need to come up with a bargaining power. Industrial Revolution also uplifted the economies of many European nations. Industrial revolution was characterized by capitalism which brought about saturation of markets due to over production which could not much the level of demand. Industrial revolution indeed brought many improvements in the life of mankind. This process did not come to an end at the beginning of the new century, but it continued spreading to other places.