- Agriculture
- Thanks to the enclosure movement, people were able to experiment more with various methods of agriculture. This produced new methods of farming that included new inventions. By improving agriculture, the supply of food increased and prices went down. Now, all classes could enjoy the luxury of paying for their food and for manufactured goods. As a result, domestic demand for manufactured goods increased.
- Atlantic Economy
- North America, Latin America, and Africa opened up the market for Great Britain. Not only was there a demand for manufactured goods and agricultural products domestically, but also internationally. Since Great Britain was the strongest naval power, it was cheaper to trade by water. Canals and rivers made domestic shipping possible as well.
Triangle trade |
- Support System (Assets)
- Great Britain had a stable structure, government, and economy that acted as a support system which allowed the industrial revolution to prosper. The central bank allowed the government to regulate currency. As Becky pointed out, the currency needed to have elasticity. Additionally, Great Britain had a well developed credit market. This means that capitalists and other businessmen had ample opportunity to get loans and to get credit because investors were willing to loan and raise the capital to make the companies that would create factories. This is contrary to France where private investment had been crowded of credit markets because the government was borrowing so much money to fund the wars and Versailles there was less credit available for private French business to start industrial companies.
What was the greatest change to occur in Britain thanks to the Revolution? Underwear. Or body linen as it was known. Previously, only the wealthy could afford such luxuries as underwear. However, thanks to greater production and, therefore, more widespread prosperity, everyone, including the peasants achieved a higher standard of living. Factories allowed for more products to be produced and for more people to have work as compared to the putting out system. This is because people did not have to be skilled to work in a factory since they could rely on machines, which made efficient production possible.
The technological revolution advanced along side the industrial revolution. New technology also acted as a support for the industrial revolution. Machinery such as the spinning jenny and water frame acted as catalysts for the formation of factories and for the creation of other inventions which would support the high demand for manufactured goods.
Water Frame |
Spinning Jenny |
One of the most important inventions, the steam engine, temporarily solved the nation’s energy problem. Previously, factories had to rely on wood (charcoal) for energy. However, as the population grew, forests were being cut down. The supply of wood was depleting. The early steam engines were powerful albeit inefficient converters of energy. The steam engines would burn coal to produce steam which would then be used to operate a pump. James Watt increased the efficiency of the steam engine by adding a separate condenser. For the first time humans had almost unlimited power at their disposal. Thanks to Watt, steam engines were used to advance and expand many industries.
Watt's Steam Engine |
Later, the steam engines would give birth to the railroads. The railroad reduced the cost and uncertainty of shipping freight over land. Markets grew larger and nationwide. The larger markets encouraged larger factories, which produced more goods. Since the factories produced more, their goods were cheaper. As a result, cottage workers and urban artisans faced competitive pressures from the large companies. The railroad also created a strong demand for unskilled labor and many men began to look towards cities and towns for work.
The conditions were perfect for the creation of the Industrial Revolution in Europe. The Industrial Revolution not only transformed the British economy, but also its culture and society.
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