Question

Discuss the history of economy before the industrial revolution? write in 50-100 words.

Answer 1

The Industrial Revolution was the transition to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840. This transition included going from hand production methods to machines, new chemical manufacturing and iron productionprocesses, the increasing use of steam power, the development of machine tools and the rise of the factory system.

Textiles were the dominant industry of the Industrial Revolution in terms of employment, value of output and capital invested. The textile industry was also the first to use modern production methods.[1]:40

The Industrial Revolution began in Great Britain, and many of the technological innovations were British.[2] By the mid-18th century Britain was the world's leading commercial nation[3], controlling a global trading empire with colonies in North America and Africa, and with some political influence on the Indian subcontinent, through the activities of the East India Company.[4] The development of trade and the rise of business were major causes of the Industrial Revolution.[1]:15

Answer 2

This process began in Britain in the 18th century and from there spread to other parts of the world. Although used earlier by French writers, the term Industrial Revolution was first popularized by the English economic historian Arnold Toynbee (1852–83) to describe Britain's economic development from 1760 to 1840.