Question

How has the Impact of Industry from the 1750s-1980s affected: Agriculture, transportation, banking. If you could give an answer that's at least 3 paragraphs, that would be great! This is a business history question, but I am not able to select any type of history as the subject.

Answer 1

From 1750s to 1980s significant developments took place in the industrial sector and there was repercussions in almost all the sectors of the economy.

*Impact on agriculture

Agriculture was closely linked to industry from the beginning

> Transfer of population

As industrial development took place,part of the rural labour force who used to engage in agriculture was transferred urban areas.There was growth of non -agricultural employment.

>pressure on land was reduced.

Eventhough population growth rate was high , due to and urbanisation and industrialisation population pressure on agricultural land was reduced.This in turn helped to create improved conditions for labour productivity and peasant outcomes.

>Demand for food increased

Population growth and rise of employment in the industrial sector increased the demand for food.

>Industrial developments were also instrumental making agricultural inputs and farm equipments widely available.

* Impact on Transportation

Transportation facilities it are crucial for the development of any industry and it was tremendously influenced by the changes that took place in the industrial sector.

>Changes in power source of transporting

James Watt invented steam engine in 1769. With in a few years, his invention was put to use as a powersource for transporting goods. River boats in 1800s used steam power

> Expansion of railways

In 1928, first effective steam locomotive was made by John Stephenson. After that,railroad development took place at a rapid pace in both Europe and America.

With the increase in industrial production, exports took place and investment in transportation sector was raised in order to make goods reach their destination at affordable costs.

*Impact on banking

Before industrial revolution (before 1750) the role played by the financial sector in the economy was limited.But industrial revolution has bought revolutionary changes to the banking sector

> Number of banks

Highdemand from entrepreneurs led to a large increase the number of banks.Private banks were increasing in status and business. The number of private banks almost doubled from 1775-1800.

> Growth of lending and borrowing

Growth in wealth and business opportunities provided an incentive to deposit the money for future transactions. The want for loans in order to purchase building, machinery equipment etc also became strong.

Industrial development has paved the path of economic prosperity for many nations.