Commercial Revolution originated in the late seventeen century and moving onto the eighteenth century, where it shaped the foundation for the industrialization of Britain through the establishment of trades, financial, commercial as well as legal industries (Harley, 2004). An industrial development of an economy can be advantageous as it increases the industrial opportunities such as enhancing living standards, domestic value of products, and provide a large goods and service market (Deane, 2010). As to why British was one of the first nation to industrialize, a profusion of reasons through historical development would appraise its role.
From 1760 to 1840, there was a persisted urbanized change in the economic structure, where the number of workers and output increase whereas the agricultural section deteriorates. In the 1840, the employees in the agricultural industry dropped even further, to 28.6% when compared to the 54.9% of other European countries but Britain excelled in urbanization and industrialization. However, Britain resulted to have an upper hand obtaining 47.3% of male labour than the 25.3% of the European norm (Crafts, 1987).
The biggest change in …show more content…
The commercial revolution helped to set up a foundation of prices and wages that was comparable to other continents like Asia. The prices and wages were one of the reason to why the sudden inspiration to develop technology as an alternate of labour (Allen, 2006). Technological development reduced the cost of manufactured products, and increase in quality and profits (Allen, 2006, Matthew Smith, 2011). Through the creation of new markets and wider range of products, workers were inspired to develop new skills plus techniques as well as learn to specialize (Deane,
From 1760 to 1840, there was a persisted urbanized change in the economic structure, where the number of workers and output increase whereas the agricultural section deteriorates. In the 1840, the employees in the agricultural industry dropped even further, to 28.6% when compared to the 54.9% of other European countries but Britain excelled in urbanization and industrialization. However, Britain resulted to have an upper hand obtaining 47.3% of male labour than the 25.3% of the European norm (Crafts, 1987).
The biggest change in …show more content…
The commercial revolution helped to set up a foundation of prices and wages that was comparable to other continents like Asia. The prices and wages were one of the reason to why the sudden inspiration to develop technology as an alternate of labour (Allen, 2006). Technological development reduced the cost of manufactured products, and increase in quality and profits (Allen, 2006, Matthew Smith, 2011). Through the creation of new markets and wider range of products, workers were inspired to develop new skills plus techniques as well as learn to specialize (Deane,