Economic Impact Of The Industrial Revolution

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Industrialization in Britain from the eighteenth century onwards was the revolutionary growth, which brought significant changes in Britain; it was as W.W. Rostow deems a “decisive transition” . The impact on economics, to some extent, was an essential experience of the revolution due to economic expansion in industrial and agricultural growth brought by technological innovations. However, as Mokyr argues: “by focusing on economics we isolate only a part, though a central part, of the modernization of Britain.” Consequently, the change of social institutions, the rise of urbanisation and the role of female and child labour were also an essential phenomenon of the industrial revolution.

As the economical phenomenon, during the revolution, was essential in increasing the growth rate of industrial production it is important to consider its impacts. Agricultural growth, for instance, was the single most important source of labour productivity that was contributing far more to the economy, than any other industry. The
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For example, the “poor harvests between 1816 and 1817 caused food process to rise and the demand for manufactured goods to fall.” In addition, although the rise of new technology was significant in driving Britain’s labour productivity technological progress, as Mokyr argues, appears to be “modest and indirect at best” because “not much of what scientists knew could have led to major breakthroughs in technology.” Mokyr ‘s argument can be said to be supported by Evans, as he remarks that “technological progress was much more apparent in certain sectors of Britain’s rapidly developing economy than in others” This suggests that while the economic phenomenon was essential in understanding the industrial revolution, the rates of growth to the economy was slow and gradual and there were times when the economy

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