Final answer:
Merchants and factory owners were part of a growing middle class that accumulated wealth amid the Industrial Revolution. This class came from diverse socioeconomic backgrounds, with many becoming influential in business and manufacturing, altering the social and economic landscape.
Step-by-step explanation:
Merchants and factory owners were part of a growing middle class that became wealthy as a result of industrialization. Industrialization, driven by capitalism, transformed economies and societies in profound ways. Handcrafted goods were replaced by mass-produced products, leading to a surge in the demand for factory labor, and fostering urban migration. Business owners and middle-class professionals, often from humble beginnings, amassed wealth through their work in industries, banking, and commerce. The new middle class also included engineers, foremen, accountants, and bureaucrats. Their status often reflected their socioeconomic origins, with some rising as self-made individuals, while others came from families with existing means.The role of the middle class in the Industrial Revolution was crucial. Their enterprises led to the development of new economic elite groups that created their distinct culture, celebrating hard work and social mobility. The profitability of businesses during this period allowed some owners to establish large corporations, which monopolized entire industries, controlling all aspects from production to sales. However, not all artisans and small merchants reached elite status; many still maintained a respectable position within the middle class, despite the precarious nature of their wealth and the constant threat of falling into the working class.In conclusion, the group that benefited from industrialization by becoming wealthy included the merchants and factory owners who constituted the burgeoning middle class. Their success was indicative of the shifting sources of power and wealth, from the aristocracy and landowners to those engaged in commerce and industry.