The short term effect was a major problem for those laborers who were displaced with a long term effect of creating a more efficient economy, with cheaper products for everyone and most people benefiting from a higher standard of living.

This first part is very understated on retellings. The major problems were not limited to displaced laborers, but also the rising industrialist class which took advantage to them to the extent we had a phase of child workers getting their limbs crushed by machinery and then discarded. The higher standards of living relied greatly on fierce efforts from labor movements to guarantee basic rights and dignity for the workers and their families.

It also comes to mind that for all the wonders of the internet, a lot of people had a better conditions working in brick and mortar stores than they now do in the infamous Amazon warehouses. Maybe we are falling short on this side of progress.