The Decline Of The Industrial Revolution

1462 WordsDec 13, 20156 Pages
what factors played into such a drastic shift in the global economy from 1500. Previously China had been at the heart of the international trade yet it did not industrialise first. The economic and societal transformations which occurred in Britain in the period spanning 1770 to 1900 resulted in the formation of the modern capitalist economy. A model replicated in other parts of the world through replication, in the US for instance or forcibly implemented on the population, for example Russia in the 1920s and china in the 1960s. The reasons for their happening in Britain rather than occurring elsewhere in the world, in countries which were previously advanced over Britain have been debated tremendously from being due to Britain 's culture, institutions or just luck. This essay will argue for the abundance of cheap coal and a ready workforce and industrial capitalism as major factors in the industrial revolution. The industrial revolution was characterised by a slow and steady continuous economic growth which has begun in the 15th century. The industrial revolution did not see a sudden rise in Britain 's GDP, in fact there were large growths in only some sectors, but it was a period marked by profound changes in industry, the mechanisation of production and the factory system. It was not Britain 's economic growth which was revolutionary but the innovation which took place, the use of machinery to replace labour and provide rapid product production. Further the

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