Introduction The Industrial Revolution began in Great Britain and quickly spread throughout the world. This time period saw the mechanization of agriculture and textile manufacturing and a revolution in power. This is a period whereby societies transformed from primarily agricultural societies into ones based on the manufacturing of goods and services. This paper aims to discuss how the industrial revolution of 1760 to sometime between 1820 and 1840 led to an increased need for human services. The industrial revolution ended the domestic system of production, and created an urban working class.
Revolution is a rapid push for change within government, culture, and society. In this case the industrial revolution was a change in which materials were created obtained. The industrial revolution didn’t just add changes to the British economy, but it most noticeably changed the infrastructure of the country. Thousands of factories and railroads popped up all over the nation, such rapid growth pushed for a bigger demand for resources to maintain the factories, so a movement was created. A movement within a nation is a push for change based on the current necessities in a society.
As mentioned above many products from different industries were discovered and invented which made life easier and cheaper. The factories did not spend fast amount of money on making the products as they were allowed to pay their workers as much as that suited them so it did not cost them much and the innovation of factory machines also helped them produce in big quantities. These products were very demanding which meant that it grew the economy of the making nation, “Britain’s output of coal soared from 5.23 million tons in 1750 to 68.4 million tons a century later” (Strayer, 2012; 835). The industrial revolution did not just grow the economy of industrializing countries it also helped grow the economy of non-industrializing nations. For example, Latin America was one of the non-industrialized nations however its economy grew unexpectedly as they exported demanding raw materials such as rubber, silver, coal and many more resources that were essential for the growth of the industrial revolution (Strayer, 2012; 854).
The industrial revolution brought the social status of business men up as they benefited the most from the industrial revolution, it can also be said that the factory and min owners were the sponsors of the industrial revolution. Because of their wealth they got the advantage of living a healthy life in the villages away from the diseases that were spreading in the overcrowded cities. However, the aristocrats lost their social power and were harmed by the industrial revolution. They struggled to keep their power in the parliament but as the industrial revolution grew they became less important to the economy and by the end of the nineteenth century they were replaced by businessmen in the parliament. “The aristocracy’s declining political clout was demonstrated in the 1840s when high tariffs on foreign agricultural imports… were finally abolished” (Strayer, 2012; 837), this is when the aristocrats struggled the most because the taxes were very high and they could not pay their
If it wasn’t for sweatshops then there would be many more unemployed people hitting rock bottom to feed their children or siblings. III. Sweatshops’ impact on economy A. New jobs are created, resulting in economic growth. a) In the grand scheme of things, workers in sweatshops are better off with the factories than they would be without them; the benefits outweigh the risks.
But to bring all these products to the market, you had to travel. This made a transport revolution necessary. Existing roads were restored, new roads were constructed, canals were dug and railway system tracks were laid all over the country. This connected different cities and villages for trading purposes, and expanded the network on a national level. Journey times decreased, which further stimulated the economy.
According to them, the lower cost of production will eventually lead to a decrease in the price of the product, thus the increased demand derived from this will result in higher profit that could be invested in employee benefits. However, a study by McKinsey found that two thirds of those economic benefits spill back to the United States (Schroedder and Aepeal, 2003) Besides, offshoring can create jobs in a developing country, building a strong economic base, increase domestic consumption and encourage imports from developed countries such as the USA. Moreover, offshoring helps companies concentrate on their core business area and skilled manpower at an affordable price. Countries like India benefit from this kind of outsourcing creating employment for highly qualified personnel, making it the center of software development services industry. However, there are also negative views on offshoring.
A low turnover will benefit the employer as more money will be freed up from training a new employee. The immediate rise in consumer spending will have a chain reaction effect. The GDP (Gross Domestic Product) of the country will see a rise, and the economy will thrive. Companies will see a boost in sales and demand. Thus, creating a need for more employees to facilitate this increase.
M&S is also able to sell more goods and services, to gain more sales and revenue. The unemployment rate of UK will also be decreased, as M&S will employ more labour for the increase production of goods and services (Aleconomics, n.d.). Thus, the economy of UK can be protected and enhanced by implementing protectionism, as well as the business of M&S can be operated continuously and the sales of M&S can be increased. Besides, the advantage of protectionism is the prevention of dumping. Businesses that are not locate and operate in UK is prohibited from
Those who are unemployed will use the money to buy their basic needs such as food, clothing and shelter. By doing so, it help to expand the economy due to the ripple effect. This ripple effect creates additional benefits and keeps demands strong. Besides that, government can set the higher minimum wage to attract the discouraged worker re-enter to the labour market. Since it may increases the unemployment rate, government can provide the employment subsidies to the companies for taking on long-term unemployed.