The Pros And Cons Of Industrial Revolution

Industrial Revolution began in Great Britain by the end of the 18th century. It was a sudden transformation of manual to mechanical labor. Great Britain had favorable location at the Atlantic coast which allowed access for imported goods as well as exporting to other countries. The British had also been engaged in commercial activities and possessed entrepreneurial skills; they tended to take greater risks in innovations and new investments. The British entrepreneurs were skilled in banking and finances which provided for successful economic expansion. Not only did they have financial ability but also enough manpower to operate new machinery. Besides the inland manpower, British colonies strongly relied on its resources and imports, providing …show more content…
Revolutionary technological advancements transformed the consumer behavior and modern industries of so-called “global village” (Blakemore, 2009). Similarities between the Industrial Revolution of the 18th century and modern day industrialization lie within the principle of maximum output at minimum cost. “Franchising” has its roots in the early textile industry in form of “domestic” systems where merchants delivered raw materials to farm houses for weaving and then picked up finished products to sell these for profit (Thackeray & Findling, 1998). Globalization increased competition on the market which boosted increased production and use of sophisticated technology. Just as the charcoal resources depleted in the 18th century, so are the raw materials such as natural fuels (oil, water, forestry) at risk. Growing population and higher demands further stimulated search for alternative fuels. While the steam engine and sheet iron revolutionized the Industries of early 19th century, the demand for cleaner and more efficient energy for the Global Village initiated the development of alternative “Green