The industrial revolution was the rapid change and enhancement of the production of goods and services during in the 18-19th century that began in Britain before spreading to the rest of the world. Two of the causes of the Industrial Revolution was the influx of new jobs and inventions + scientific revolution. The rush for new jobs as a result of large, newly build factories that demand workers. It was a massive change from home manufacturing to mass production machines. Life-changing inventions such as the steam engine, and the scientific revolution that surfaced during the industrial revolution that made a direct impact then and it still continues to impact today, allowed for new technology to increase and cheapen production.
To what extent did the technological developments of the Industrial revolution contribute to economic change in the period The Industrial Revolution sparked a new era of economic growth. It created many doors of opportunities for everyone. The Industrial Revolution introduced to us many important technological developments which forever changed the way goods and products were manufactured. The technological developments contributed to economic changes significantly, many of the developments assisted the growth of the economy, such as the factory system, which revolutionised the way products are manufactured. The factory system was a vital technological development which greatly affected the economy by producing goods more efficiently and at a larger scale.
Since industrialization started in 18th century Britain, it has been a heavily debated topic. Many believe that industrialization has had a negative effect on our world. But, industrialization actually had many great benefits. Those benefits include more jobs, cheaper products, and the development of large cities. Industrialization revolutionized our world for the better and it has done so much for our world.
Economic growth is main factor in individual lifestyle in and economy so if there is growth, reduction of poor living standards will occur. These enhances consumer spending because it increases incomes. An increase in workers real wage rates will result higher purchasing power of a worker and therefore these workers who are also consumers tend to increase their spending, which causes a rise in aggregate demand and aggregate supply in a long run, because there is an increases in aggregate demand and aggregate supply over time it results to growth in output from firms and therefore firms need to employ more workers for continuous expansion and as a result reducing unemployment. A rise in output will also result to improved and more efficient public services as consumer real wage rates increases so does direct taxes, which results to growth in tax revenues government can increase spending on education and health. With all these in place firms become more confident and are able to achieve product efficiency even with even market conditions and so they invest more, and as stated in the first part of this essay investments is a main source of economic
Industrialization denoted a great movement to special multi-purpose machinery, industries and mass-production. Many examples could be given however, amongst the critical improvements were the iron and material businesses, alongside the improvement of the steam motor, they assumingly were the focal parts in the Industrial Revolution, which additionally saw enhanced frameworks of transportation, correspondence and saving money. While industrialization achieved an expanded volume and assortment of produced merchandise and an enhanced way of life for some, it additionally brought about frequently dreary business and living conditions for the poor people and average workers. (Allen, R. C., 2009) The reason why The Industrial Revolution started in Great Britain was in light of the material business. England had a wealth of cotton, utilized as a part of the making of materials.
The innovation of technology is expanding from changing and positively affect the economy. In eras of technological improving, it causes industries to increase their productivity, so the country's economy is growing and improving its financial health (as cited in Moritz,
The forth cause , their culture is based on taking risks , developing ideas and working hard. The fifth cause, the existence of the resources which are wanted close to each other like the coal and the iron. The sixth cause is the new technology that is allowed by the scientific revolution and the innovation which increased the production and made it cheaper. The seventh and the last cause is the export of hand made goods and importing different materials were allowed because of the imperialistic trade routes. These are the causes that started the industrial revolution in
Britain have an advantage in generating macroinventions, a large sum of these inventions were produced outside the country or overseas. In order to have technological creativity success involves both primary breakthroughs and incremental, frequently takes place within known techniques. The comparative advantage in macroinvention was the key point of Britain to achieve technological success (Mokyr, 1985). Inventions were linked to innovation and thus the question why so many inventions were made in the eighteenth century formulated. Answers that were given by Hartwell (1971), tells us the growth of scientific knowledge reach a critical state of development, and increased favorable economic conditions.
New political and social institutions also begin evolve to support industrialization. During the take-off stage, the desire to achieve economic growth to raise the living standards dominates the society. Revolutionary changes occur in both agriculture and industry and productivity levels sharply
The greatest impact of industrialization is the technological advances because whether positively or negatively, they affected the rest of the world and influenced the future. The many advantages that come with industrialization that factor in technology are advances in factory technology. This led to more people working more efficiently. Advances in textiles made it faster to make cloths and threads. The invention of the flying shuttle made it possible to weave faster on a loom which enabled the weavers to double their input.