Tag: Industrial Revolution

The Industrial Revolution, sometimes divided into the First Industrial Revolution and Second Industrial Revolution, was a transitional period of the global economy toward more widespread, efficient and stable manufacturing processes, succeeding the Second Agricultural Revolution. Beginning in Great Britain around 1760, the Industrial Revolution had spread to continental Europe and the United States by about 1840. This transition included going from hand production methods to machines; new chemical manufacturing and iron production processes; the increasing use of water power and steam power; the development of machine tools; and rise of the mechanised factory system. Output greatly increased, and the result was an unprecedented rise in population and population growth. The textile industry was the first to use modern production methods,^: 40 and textiles became the dominant industry in terms of employment, value of output, and capital invested.

Many technological and architectural innovations were British. By the mid-18th century, Britain was the leading commercial nation, controlled a global trading empire with colonies in North America and the Caribbean, and had military and political hegemony on the Indian subcontinent. The development of trade and rise of business were among the major causes of the Industrial Revolution.^: 15 Developments in law facilitated the revolution, such as courts ruling in favour of property rights. An entrepreneurial spirit and consumer revolution helped drive industrialisation.

The Industrial Revolution influenced almost every aspect of life. In particular, average income and population began to exhibit unprecedented sustained growth. Economists note the most important effect was that the standard of living for most in the Western world began to increase consistently for the first time, though others have said it did not begin to improve meaningfully until the 20th century. GDP per capita was broadly stable before the Industrial Revolution and the emergence of the modern capitalist economy, afterwards saw an era of per-capita economic growth in capitalist economies. Economic historians agree that the onset of the Industrial Revolution is the most important event in human history, comparable only to the adoption of agriculture with respect to material advancement.

The precise start and end of the Industrial Revolution is debated among historians, as is the pace of economic and social changes. According to Leigh Shaw-Taylor, Britain was already industrialising in the 17th century. Eric Hobsbawm held that the Industrial Revolution began in Britain in the 1780s and was not fully felt until the 1830s, while T. S. Ashton held that it occurred between 1760 and 1830. Rapid adoption of mechanized textiles spinning occurred in Britain in the 1780s, and high rates of growth in steam power and iron production occurred after 1800. Mechanised textile production spread from Britain to continental Europe and the US in the early 19th century.

A recession occurred from the late 1830s when the adoption of the Industrial Revolution's early innovations, such as mechanised spinning and weaving, slowed as markets matured; and despite increased adoption of locomotives, steamships, and hot blast iron smelting. New technologies such as the electrical telegraph, widely introduced in the 1840s in the UK and US, were not sufficient to drive high rates of growth. Rapid growth reoccurred after 1870, springing from new innovations in the Second Industrial Revolution. These included steel-making processes, mass production, assembly lines, electrical grid systems, large-scale manufacture of machine tools, and use of advanced machinery in steam-powered factories.