Important factors leading to industrial revolution Assignment

Important factors leading to industrial revolution Assignment Words: 737

In this paper , m going to compartmenting in the First Industrial Revolution with the United States during the timeshare of Second Industrial Revolutions, and show how political , social, financial and transportation change encouraged the two countries moving into industrial revolution. 1. Political change Both Britain and the Lignite States sufficiently benefited from the political changeover, in the form of favorable government policies to boost up the economy to a whole new level, that is , the industrial revolution.

In Britain , the 1688 Glorious Revolution was regarded as the turning point in he evolution of British government, which assured the rise of limited monarchy. Since then, it would be impossible to govern without Parliament. Several years later, in 1 689, the Bill of rights was enacted in favor of the right to own private property, which also indicated that Britain henceforth stepped in the era of modern liberal democracy. This action was served as political support for creating efficient credit(financial, banking) system in the future.

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With the political recognition of property rights, together with the provisions of financial system, an increasing number f business began to engage in intra-congenial trade, and the economy was expanded through this way. However, although the property of rights was recon sized, it also ensured ATA the property rights of the poor should not stand in the way of improvements of the rich Reformation to industrial revolution, 1 44) As a result, the poor was forced to be the loser under this condition , and thus the major social division was now between the rich and poor, which accounted for the future unrest in the society.

The United States, on the other hand, did not had much to do as Britain with he first industrial revolution since it only served as a mercantile colony to Britain until it claimed independence in the year of 1775. However, once after they gained autonomy , the new government quickly adopted the protectionism and started to intervene in the market activities vigorously. An array of new laws were set up, including Tariff policy and liberal banking regulations. Over the years, it also became easier to form a limited liability corporation for any legitimate business purpose.

This development was crucial for the Second Industrial Revolution American capitalism, 106) In addition, this protectionism also protected the infant manufactures and brought it up to be a strong, competitive industrial which was part of the achievement in the Second Industrial Revolution. Indeed, tariff policy at that time was in favor of the business but not domestic consumers, and most of the regulations about business, to some extent, helped large corporations exploit labor.

Consumers and labors were in unfavorable condition since they became the loser in this case. Some could argue that those huge improvements in trading and financial yester, which propelled the countries towards industrial revolution, was the natural result of the market mechanism, and it was the market itself demanded and achieved those developments. However, without those changes in political system, there would not be so many efficient and favorable policies boosting the economy.

In a word, market could function well only with the efficient political support. 2. Social change The overall social structure change and the shift of attitude towards business were essential for stimulating the industrial revolution. In Britain, the shift Of social pattern was mainly represented by the relative ND positive decline in the agricultural population. In 1 688, 88% of the population was engaged in agriculture. ( Reformation to Industrial Revolution, 66) But the total –3 of 8– rural population steeply dropped to 33. % in the year of 1881. The rapid arbitration of population not only significantly pulled up the demand level for goods and services in the countries , but also provided sufficient labor for manufactured industry. We could conclude that the social shift sparkled the industrial development and prepared the economy in Britain to be lifted up to a whole new level. Similarly, in the United States, the broad social shift significantly contributed to the development in Second Industrial Revolution.

With the establishment independence, the acceptance of competitive individualism and liberal democracy became pervasive. This favorable social climate helped protect individual rights, and also created a healthy Entrepreneurial Spirit. Finally, an increasing number of large cooperation showed up. All those changes mentioned above were the unique social or institutional characteristics of the United States during the Second Industrial Revolution.

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