Question

What are the main effects of the industrial revolution on World Trade? What are the major differences between post-industrial World Trade and the past?

Can anyone give me a specific explanation?

Answer 1

Industries means factories and Revolution means a big change.In simple words,under 'Industrial Revolution' we study how the production of goods and services with hands was transformed into a machine oriented production of goods and services.This revolution had an everlasting and far bounding implications on the world trade.World trade existed even before the industrialisation but after the revolution there were a lot of changes.The industrial revolution is said to have originated from Europe.The intense competition among European power,lead to conquer and excess to new markets and resources.Thus the demand for goods and services increased and a need was felt among the nations to develop such a process which could provide them an edge over their competitors and increase their output in a time bound manner.

Initially the production was carried out in cottages and small households where different steps of production was carried out in a diversified manner at different places using hands.No machines were used at any stage.This was a very cumbersome and complex process which took long time to produce and the cost of production was also very high.In order to solve these issues attempts were made and ultimately small machines were invented that can be used at different stages of production,this made production easier and simpler.Up till now those devices and machines were operated manually at different places.So any idea originated to carry out these production processes at one place assembling all such machines.This led to the idea of factiries and ultimately integrated big machines were invented and were operated using steam engines.And when many such factories were established the concept of industries.

The industrial revolution boosted the world trade provided it an expansion,integrated the world economy,decreased the cost of production,increased the output and made the world trade more smooth,convenient,simple and easy.

There are a number of major differences between the pre and post industrial period.In pre-industrial period,the production was carried out using hands but in post-industrialisation period goods were produced using manually operated machines which was later replaced by the steam engines.In pre-period,the different stages of production was carried out at different places but was integrated at one place at factories.The cost of production and time taken to produce was reduced.In pre industrial period,the producers approached/reached the workers but after the revolution the workers went to the producers in search of jobs.The production process became more effective and efficient.The pre industrial production was labour intensive where as the post period was capital intensive.This revolution opened new areas of welfare and de velopment which proved to be a milestone in the world trade.This lead to setting up of cotton,iron and steel industries which founded railways and made the transportation cheaper.This revolution laid the foundation stone of todays modern sophisticated world.