Modern Industrial Economy :: essays research papers

The Modern Industrial EconomyBefore the jump of the eighteenth century, Europe was in dire lease of a transformation. peerless that would change their style of life, not only for the well being of the countries, scarcely for the people as well. This transformation could mean the development of peoples into world powers. This need was fulfilled by unrivaled word, industrialization. Perhaps the biggest change in narrative was the Industrial Revolution of the 18th century. This was not only carrying economic changes, further social changes as well. This extensive mechanization from home manufacturing to cock-a-hoop-scale factory production was without doubt, the largest conversion for labor fabrication. Lets take a look at some necessities for a country to industrialize. First of all, in the altogether materials would be needed in whatever industry you would want to develop. Without a source of power or materials, the product would not be determineted to be produced at a l arge factory. Surplus of food is other necessity for industrialization. Without this extensive food supply, laborers would not be fed comelyly which could result in catastrophic losses. Another major element in the development of industry is entrepreneurs. Since Britain had a sizable middle-class with entrepreneur ideas, they seemed to fit more and more into this equation. Labor Force is also a large contributor to this cause. With an ability of laborers to leave their homes and go into factories, people started realizing the positive set up of big business. One distinct feature that was possessed by Britain was wealth. At the time, Great Britain was one of the wealthiest nations and could afford to dump large sums of money into buildings and export. Finally, one of the last things that were needed that could limit all the other elements is the possession of a government that was open to new ideas. If people in a nation could not get their government to back the ideas, they wou ld have nothing. It was up to the entrepreneurs to persuade the government officials that money could be made and power could be established. notwithstanding why did Britain industrialize first? In the beginning of the 18th century, these qualities were not that noticeable. Actually, the Netherlands and France were just as wealthy at the time, had equally skilled populations, and had just as powerful of an empire. The French government truly was seen as more quick to respond, especially in the area of transportation and communication.