n late 18th and early 19th centuries, Britain faced a significant shake up in all aspect of life, including the economy and society. New technology innovations and advancements in Science brought an unprecedented growth in agriculture, industrial production, and trade. As a result of the
transformation of economy, this led to the shift of Industrial Revolution. The world income per capita in 1820 increased unexpectedly with 10-15 fold (Figure 1). The new machinery over labour led to the wealthy of the countries and shows a steady rate of efficiency. (Clark, 2).
The introduction of machines into the factories allowed higher efficient and much more productive which resulted in a massive and uniformly production. According to Professor Pat Hudson had said :
"An unprecedented range of products
and variety of products became available to a new mass market ."
(White, 2015)
Because large productions have been produced that lead to a cheaper price. As the price is decreased, more demands by consumers. This would increase the profit of the businesses and contribute to the GDP.
Steam and Coal
The creation of steam and coal changed the whole face of industries. With the creation of steam engines
that allowed more
efficiency in coalmines and other industries in Britain, resulting 25% increase of
thermal efficiencies. (Clark, 8) Besides, the use of steam engines also gave a cheap and reliable supply of the iron industry as the important material to produce iron. (White, 2015)
Transport
Transportation plays a major role in Britain's economy. The expansion of roads and railroads allowed more goods and raw materials to be transported for a short distance with lesser shipping costs. Improvements in transport contribute 20% of the overall economy efficiency. (Clark, 6).
Industrial Revolution occured in Britain during the late 18th centuries.
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04
Industrial Revolution
- 1800s
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