Most economists assume that the explanation of the Industrial Revolution is bad institutions in all pre-industrial...

Most economists assume that the explanation of the Industrial Revolution is bad institutions in all pre-industrial societies. Using the material from this course explain why you do, or do not believe this standard view. Answers will receive extra credit for being well organized, coherent, and grammatical, and for using specific factual historical examples.

Expert Solution

Answer - The Industrial revolution in the 18 th century which popularly started from the Great Britain was caused centrally due to the uprise of the capitalism and not that because of the bad pre industrial societies. The mining of the coal and the oil , the agricultural revolution were also some of the factors that led to the flourishment of this revolution . But the capitalism was the main force around which all the factors revolved.

The rise of the capitalism , which means the introduction of new and the improved technology brought about a significant change in the productivity of the industries during this revolution. The rise in this took place because of the imperialism. As stated by the historians , the europe practised imperialism and aimed at the gaining of many nations under its leadership. America was also the one of the regions to come under this. This imperialism lead to huge increase in the amount of wealth. This wealth became the cause of the establishment of the large industries which took the capitalism and the industrial revolution to a next level. Also the role of the government was minimum in this revolution. The invisible hands i.e the demand and the supply as per the Adam Smith played a major role in the success of the industrial revolution.

Rahul Sunny answered 1 year ago

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