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 2 years ago

were guilds good or bad for economic growth during the pre-industrial period?

For each of the following, indicate whether the idea is most closely associated with the first industrial revolution, the second industrial revolution, neither, or both.

For each of the following, indicate whether the idea is most closely associated with the first industrial revolution, the second industrial revolution, neither, or both. Mechanization The possibility of traveling from coast to coast in the US in under a week Feedback loops The internet The flying shuttle The steam engine Railroads Telegraph A technological (as opposed to political) revolution 1. First Industrial Revolution 2. Second Industrial Revolution 3. Neither 4. Both

Most economists assume that the goal or objective of business firms is to

Most economists assume that the goal or objective of business firms is to be socially responsible maximize size. maximize profits. satisfice.maximize sales.

America’s Industrial Revolution transformed all sectors of the economy and changed society. some of the business...

America’s Industrial Revolution transformed all sectors of the economy and changed society. some of the business practices of the late 1800s and early 1900s are described. There are pros and cons to these developments. On the one hand, they streamlined costs and made goods and new products available to many more consumers. But, there were also consequences—some unintended. Choose one of these two new problems introduced by the American Industrial Revolution. The development of monopolies instead of a competitive business...

state and explain the three most popular theories of industrial relations.support your explanation with their practical...

state and explain the three most popular theories of industrial relations.support your explanation with their practical assumptions 20marks

1. Explain at least two reasons why economists assume most goods and services are convex to...

1. Explain at least two reasons why economists assume most goods and services are convex to the origin. 2. Use the graph to explain each statement about interior solutions for imperfect substitutes below. In your explanation, make sure you are comparing the marginal utility per dollar spent on each good. a.) at point a, the consumer should increase their consumption of ?? and decrease their consumption of ??. b.) at point b, the consumer should not change their behavior. c.)...

Until the late 1960s, most economists assume that less unemployment was preferable to more unemployment. Define...

Until the late 1960s, most economists assume that less unemployment was preferable to more unemployment. Define and explain the two types of unemployment that are consistent with a dynamic, growing economy.

Which of the following stocks is most likely to be priced highest? Assume that all stocks...

Which of the following stocks is most likely to be priced highest? Assume that all stocks pay $3 dividend per share per year and are the same in all other aspects. a)A stock whose annual dividend is expected to grow by 12% for the first two years and then 4% thereafter, with the discount rate of 12%. b)A stock whose annual dividend is expected to not grow, with the discount rate of 12%. c)A stock whose annual dividend is expected...

Who of the following people is most in danger of being personally bankrupt? Assume that all...

Who of the following people is most in danger of being personally bankrupt? Assume that all of their businesses' assets are highly liquid and can therefore be sold immediately. Select one: a. Alice has $5,000 cash, owes $20,000 credit card debt due immediately and 100% owns a sole tradership business with assets worth $30,000 and liabilities of $20,000. b. Billy has $5,000 cash, lent $20,000 to his friend, and doesn't have any personal debt or own any businesses. c. Carla...

Question