In: Economics
Explain the Industrial Revolution and show that “why did it happen first in the 18th Century, on an island off the coast of Europe (the United Kingdom)?”. Please, explain each fundamental concepts and use diagrams.
Industrial revolution
The industrial revolution refers to the transition of hand production method to machines new chemical manufacturing and iron production process, the increasing use of steam power and water power, the development of machine tools and the rise of the mechanized factory system.
There were many factors that support Britain to become the
epicenter of industrial revolution :-
With the advent of geographical discoveries and inventions like
steam power use of mechanical power open new avenues of trade and
commerce.this makes the break out of industrial revolution as
mismatch between demand and supply lead to new innovations of
enhancing production.
continental European countries could not adopt industrial revolution as early as Britain because Europe face political instability.
Britain adequate capital which was accumulated through colonialism.
French revolution and napoleonic wars get the Europe engaged. Belgium was first to follow British foot step. Germany also has its Ruhr are industrialized. Soon other European nation followed suit.
Disappearance of surfdome means personal who is bound to the land and owned by the feudal lord and enclosure movement provide use surplus agricultural labour which looked for employment and become source of cheap labour.
Britain has rich and natural resources. iron and coal provide twin pillars of industrial revolution and Britain was lucky to have them in close proximity. If not then their colonial policy fulfill their need of resources.
Apart from above factors faster means of communication commodification of labour with introduction of wage system, development of new source of energy like coal, new durable materials like Steel where the other supporting factor for the rise of industrial revolution.
Because of above mentioned factors industrial revolution first happen in Britain.