What was the role of the factor in the mid-19th C economy? Does such a role exist in the modern economy?

The factory was the premiere manufacturing unit in the 19th century economy.

Explanation:

It does not retain the same monopoly over the market as it used to with the advent of software and IT industry but it is still an important part of the economic system. The countries that manufacture more are usually the richest and the more powerful ones.

Manufacturing is how products are made for sale outside the country to boost economy and a good system of factories is necessary to achieve that.