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The industrial revolution that took place the middle of the 18th century led to many economic, social and technological changes. Because of these changes, the economic system, which was based on the agricultural sector, was transformed and was connected with the industrial sector. The consequences of the industrial revolution include the adoption of cutting edge technology, the connection between production and factories, the discovery and the use of the steam engine and the urbanization of the population who settled in the cities in order to find employment in the industrial sector. According to Garrison, Noreen and Brewer (2006), the main characteristics of the above period were the high importance of the human factor in the production process, the mechanization of production and its focus on national rather than on local markets as well as the mass production of specific products. As a result, the competition was based on prices and not on the quality or characteristics of each product.