what are the role of Technology for the Global Trading in the 18th century
Answers
There is no precise date for the beginning of the Industrial Revolution, but several major innovations occurred in the 18th century. One was the invention of practical steam engines in England. Another was the development of joint-stock companies that allowed investors to pool their capital into larger business enterprises. Other significant events included the invention of a system of manufacture using interchangeable parts, the invention of machinery that mechanized textile manufacturing, and and the growth of the world population which provided the market for increased production.
All of this had several major impacts on the Atlantic economy. First, mechanization reduced the cost of human labor, making slave labor transported from Africa to the Americas relatively more expensive. That alone was not enough to end the slave Atlantic trade, but it encouraged entrepreneurs to find ways to use African slave labor in Africa, and it provided an incentive for slave owners in the Americas to increase birthrates among their slaves.
Second, as European manufacturing output increased, there was an even greater search for markets to purchase the new goods. Since slaves did not have disposable income, but wage laborers did, there was further incentive for European traders to find something in Africa to purchase, rather than purchasing the people themselves. If Africans could be induced into producing something of value for export, then the money they earned would allow them to become a market for an increasing volume of European export goods.
Third, the creation of modern financial institutions, includingjoint-stock companies, credit systems and the like, made it possible to produce larger commercial enterprises than ever before. This was already true prior to 1800 when, for instance, a company like the Companhia General do Grao Para e Maranhao, which held the monopoly over slave trading in Bisseau and Cacheu from 1755-1778, also owned salt works and plantations in Brazil, and manufacturing facilities in Portugal.
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There is no precise date for the beginning of the Industrial Revolution, but several major innovations occurred in the 18th century. One was the invention of practical steam engines in England. Another was the development of joint-stock companies that allowed investors to pool their capital into larger business enterprises. Other significant events included the invention of a system of manufacture using interchangeable parts, the invention of machinery that mechanized textile manufacturing, and and the growth of the world population which provided the market for increased production.
All of this had several major impacts on the Atlantic economy. First, mechanization reduced the cost of human labor, making slave labor transported from Africa to the Americas relatively more expensive. That alone was not enough to end the slave Atlantic trade, but it encouraged entrepreneurs to find ways to use African slave labor in Africa, and it provided an incentive for slave owners in the Americas to increase birthrates among their slaves.
Second, as European manufacturing output increased, there was an even greater search for markets to purchase the new goods. Since slaves did not have disposable income, but wage laborers did, there was further incentive for European traders to find something in Africa to purchase, rather than purchasing the people themselves. If Africans could be induced into producing something of value for export, then the money they earned would allow them to become a market for an increasing volume of European export goods.
Third, the creation of modern financial institutions, includingjoint-stock companies, credit systems and the like, made it possible to produce larger commercial enterprises than ever before. This was already true prior to 1800 when, for instance, a company like the Companhia General do Grao Para e Maranhao, which held the monopoly over slave trading in Bisseau and Cacheu from 1755-1778, also owned salt works and plantations in Brazil, and manufacturing facilities in Portugal.