what is Industrial Revolution and mention the consequences of the industrial revolution in the economic field. Write it in the form of long brief essay.....
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The Industrial Revolution, now also known as the First Industrial Revolution, was the transition to new manufacturing processes in Europe and the United States, 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 production processes, the increasing use of steam power and water power, the development of machine tools and the rise of the mechanized factory system. The Industrial Revolution also led to an unprecedented rise in the rate of population growth.
A Roberts loom in a weaving shed in 1835. Textiles were the leading industry of the Industrial Revolution, and mechanized factories, powered by a central water wheel or steam engine, were the new workplace.
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 of British origin.[2][3] By the mid-18th century Britain was the world's leading commercial nation,[4] controlling a global trading empire with colonies in North America and the Caribbean, and with major military and political hegemony on the Indian subcontinent, particularly with the proto-industrialised Mughal Bengal, through the activities of the East India Company.[5][6][7][8] The development of trade and the rise of business were among the major causes of the Industrial Revolution.[1]:15
The Industrial Revolution marks a major turning point in history; almost every aspect of daily life was influenced in some way. In particular, average income and population began to exhibit unprecedented sustained growth. Some economists have said the most important effect of the Industrial Revolution was that the standard of living for the general population in the western world began to increase consistently for the first time in history, although others have said that it did not begin to meaningfully improve until the late 19th and 20th centuries.[9][10][11]
GDP per capita was broadly stable before the Industrial Revolution and the emergence of the modern capitalist economy,[12] while the Industrial Revolution began an era of per-capita economic growth in capitalist economies.[13] Economic historians are in agreement that the onset of the Industrial Revolution is the most important event in the history of humanity since the domestication of animals and plants.[14]
The precise start and end of the Industrial Revolution is still debated among historians, as is the pace of economic and social changes.[15][16][17][18] Eric Hobsbawm held that the Industrial Revolution began in Britain in the 1780s and was not fully felt until the 1830s or 1840s,[15] while T. S. Ashton held that it occurred roughly between 1760 and 1830.[16] Rapid industrialization first began in Britain, starting with mechanized spinning in the 1780s,[19] with high rates of growth in steam power and iron production occurring after 1800. Mechanized textile production spread from Great Britain to continental Europe and the United States in the early 19th century, with important centres of textiles, iron and coal emerging in Belgium and the United States and later textiles in France.[1]
An economic recession occurred from the late 1830s to the early 1840s when the adoption of the Industrial Revolution's early innovations, such as mechanized spinning and weaving, slowed and their markets matured. Innovations developed late in the period, such as the increasing adoption of locomotives, steamboats and steamships, hot blast iron smelting and new technologies, such as the electrical telegraph, widely introduced in the 1840s and 1850s, were not powerful enough to drive high rates of growth. Rapid economic growth began to occur after 1870, springing from a new group of innovations in what has been called the Second Industrial Revolution. These innovations included new steel making processes, mass-production, assembly lines, electrical grid systems, the large-scale manufacture of machine tools and the use of increasingly advanced machinery in steam-powered factories.[1][20][21][22]
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• what is Industrial Revolution and mention the consequences of the industrial revolution in the economic field. Write it in the form of long brief essay.....
Before the beginning of industrial revolution, India used to shine in the world chart for its cotton textile industry. These cotton things used to get exported to different parts of the world which includes today's Europe, America, and the Middle East among others. As a matter of fact, India is documented to have dominated the world's cotton textile markets during the 1750s. As India was the land of cheap labour, production was of high quality with low priced calicoes. It is not a matter of surprise that at the end of 17th century, Indian calicoes were popular in Britain. However, things got changed after the industrial revolution.
Below are the good and bad effects of the industrial revolution:
1. The discovery of steam power and its practice from the year 1815 created threat to the Indian textile industry.
2. The inventions of the spinning mule and power loom became more efficient and effective because of steam power. Consequently, it had reduced the cost of British cotton by 85% and made it internationally competitive. By the year 1820, Britain had become the leading world
3. Indian farmers were forced to produce cotton plantation so that it can fuel English factories as India was then under British rule.
4. Industrial Revolution brought severe consequences to society. Farmers were forced to grow cash crops in resulted in awfully deadly famines in India. place of food crops, which
5. For increasing production, the Factory owners used to hire unskilled labour, profited greatly by using children and women to run the machines. In the tender age of 6 years, many children were already working 14 hours a day in factories.
6. Due to Industrial Revolution, urban cities started getting overcrowded day by day.
7. There were some positive effects of Industrial Revolution also. The introduction of assembly line and factories, electricity development, and the railroads all these things contributed to faster and more efficient production of goods and materials.
8. Funding of schools and the enactment of child labour laws also came into place. As a result, the Industrial Revolution enhanced both economic production and new life style of the people.