The Industrial Revolution was a time of great change in society that came about with the development of technology, new inventions, and classical liberal concepts such as economic freedom, individual freedom, private property and self-interest. Before the Industrial Revolution, farmers farmed shared plots of land, but as agricultural technologies advanced, these shared fields became enclosed. Due to these new technologies, fewer farmers were needed, so many moved to the cities to work in the newly developed large factories. Gold and silver from European voyages stimulated the money economy, allowing for the building of factories and financial institutions. Slowly, the mercantilist system dissipated and was replaced with a free trade system. The development of new technologies such as the steam engine allowed for large-scale production, which meant that more goods were able to be distributed to large populations. A new class of rich factory owners and other professionals arose. The Industrial Revolution was influenced prominently by classical liberal ideas. Farm fields became enclosed, and private factories and businesses developed, demonstrating the liberal value of private property. The Industrial Revolution also was a huge influence in the development of capitalism, as entrepreneurs and other business people were able to act in their self-interest with complete economic freedom. This was highly harmful, though, because complete economic freedom and self-interest allowed factory owners to force labourers, including children, to work in extremely poor and dangerous conditions for little pay. Another result of the Industrial Revolution, urbanization, resulted in a mass migration to cities due to enclosure and new factory jobs. This led to overcrowding and poor living conditions in tenement housing.