The Consequences of the Industrial Revolution in Great Britain (the Standard of Living Debate) and the Free Trade Era in Europe.

Define the concept of comparative advantage. How can a country gain or lose its comparative advantage in the production of a good?

The Industrial Revolution in Great Britain did little to improve life for the common people; the Industrial Revolution negated the principle of Utilitarianism as seen through the lack of support given to the middle and lower classes. Although the Industrial Revolution may have provided work for the lower classes, the work required was dangerous and paid next to nothing. The Industrial Revolution also led to the creation of monopolies which prevented Adam Smith’s idea of a capitalist market driven by competition nearly impossible. Industrialization left many people poverty stricken and uneducated. The Industrial Revolution in Great Britain reduced living conditions in Great Britain through income inequality, the degradation of the environment,

The Industrial Revolution marked a monumental shift in human history, providing glorious wealth and opportunities for some, but for others, the Industrial Revolution was hell on Earth. These positives and negatives are covered throughout Document One by Fredrikke Palmer, Document Two by William Blake, Document Five by Leonard Deming, Document Six by Jacob Riis and Jessie Tarbox Beals, and Document Seven by Szreter S. and Mooney G. The rapid economic growth caused by industrialization had tremendous negative as well as positive effects on the quality of life for humans.

Accessed 17 February 2017. Nardinelli, Clark. “Industrial Revolution and the Standard of Living”. Library of Economics and Liberty.

The Industrial Revolution occurred in Britain and America around the late 1700’s to 1900. This revolution improved the production of goods using new mechanisms and machines. Human labor was in high demand in order for the highest production rates. Factories employed low to middle-class people that were as young as three years old (Document 9). These workers were benefited with money, shelter, and clothes, but the working and living conditions were not satisfying. The average industrial worker experienced a variety of factors that can be classified as good or bad, including the positive effects of labor, like the shelter, money, and food they were given; and the negative effects of the factory,

Primary Sources and Social Change of the Industrial Revolution The impact of the Industrial Revolution on the standard of living of working class people is, and has been frequently debated. There is a mass of primary and secondary sources of evidence from the time of the Industrial Revolution available to support differing views of the debate, and there are also many novels available that were written at the time which criticise industrial society, but the difficulty of assessing the total impact of industrialisation upon a population, is how to measure the changes in standard of living. We can look at changes in wages, the changing cost of food, rent and clothing, the impact of the factory

From around 1750 to 1900 Britain went through major changes or transformation in industry, agriculture and transportation that affected everybody’s lives. For some it generally improved their lives, however not all were so lucky. The industrial revolution brought with it many changes good for some and bad for others.

How has the standard of living changed since the industrial revolution: In a positive way. Since the industrial revolution there have been so many career fields opened and a lot more fields means more jobs open.

If each country specializes in areas where its advantages are greatest or disadvantages are least, the gains from trade will make each country better off than it would be if it remained self-sufficient. [3]

While popular belief is that the British Industrial Revolution laid the foundation for the modern economy and was perhaps the most prosperous time in history, an analysis and further combination of data on human heights, urban populations, morality rates and disease popularity during that time provide a different picture that supports a more pessimistic view of the Industrial Revolution. When attempting to understand the forces of change operating in an economy, it is important to looks at the four metrics mentioned above (height, crowding, morality and disease) because they are all crucial functions of the real standard of living equation.

The topic I have chosen to discuss related to the last 400 years in Western Civilization is the industrial revolution in Britain. The industrial revolution was what created the modern capitalist system. Britain was the first to lead the way in this huge transformation. Technology changed, businesses, manufactured goods, and wage laborers skyrocketed. There was not only an economic transformation, but also a social transformation. The industrial revolution is such an interesting subject to further explore, because it truly made a difference in Britain in the late 1700s. The industrial revolution brought an increased quantity and variety of manufactured goods and even improved the standard of living for some individuals, however, it resulted in grim employment and living conditions that were for the poor and working classes. The industrial revolution had a bright and dark side to it. It was dark due to all the horrible working conditions, crowded cities, unsanitary facilities, diseases, and unsafe work environment, but the bright side is that it was a period of enormous social progress.

Comparative advantage theory refers to a country’s ability to produce a good at a lower opportunity cost than another country.

Trade can be advantageous as well as disadvantageous. Trade can be good because: it can help countries specialize; countries can consume more than their production capacity; importing countries can enjoy better products as well as lower prices compared to pre-trade and countries can fully take advantage of their abundant factor by fully utilizing it.

According to Colander, "The reason two countries trade is that trade can make both countries better off" (2004, p. 416). In economics, the theory of comparative advantage clarifies why it can be advantageous for two countries to trade, even though one of them may be able to produce every kind of item more cheaply than the other. What matters is not the absolute cost of production, but instead, the ratio between how easily the two countries can produce different kinds of goods. The basic idea of the principle of comparative advantage is that as long as the relative opportunity costs of producing goods differ among countries, then there are potential gains from trade.

Having a comparative advantage in X, Country A gives up less of Y than Country B. Regarding two nations delivering two merchandise, distinctive PPF slopes mean diverse open door costs proportions, and consequently specialization and exchange will build world