The main causes of industrialization would be the freeing up of large numbers of agricultural workers who then moved to the cities to find work, creating lots of cheap labor. a few key inventions such as the cotton gin and railroad made goods cheaper and in larger quantities than ever before, also the economic policies of liberalism and mercantilism, which fueled markets. Imperialism also allowed cheap resources and new markets 

some of the bad effects were increased inequality, deplorable working conditions, alienation, communism, exploitation, low wages, social instability and so on. 
good effects were greatly increased standard of living and cheaper goods available to more and more people, new scientific breakthroughs, and new inventions and progress come at a much faster rate.