The Economic Underpinnings of the First Industrial Revolution in England :: essays research papers

The Economic Underpinnings of the First Industrial Revolution in EnglandThe force of array munitions and the development of a cornerstone grocery were faultfinding underpinnings of the first industrial revolution in Britain.Military manufacturing supported by the British government contributed directlyto expert macrocosm and spurred industrialization. This is because thecompanies that choose to fulfill the government contracts to dedicate militarymunitions found money could be made if clean processes and engineering science wasdeveloped to fulfill the huge contracts. Military manufacturing was one of thefew industries where innovation was rewarded. In most other industriesconservative investors were reluctant to invest in new manufacturing engineering science.But in military manufacturing the government was the investor and wasunconcerned with the manufacturing technology as long as the product wasdelivered on time. Many technological advances were made through militarym anufacturing some of these were new ways to manufacture iron, conveyer belts,and the use machine tools . The technology developed for military manufacturing thus spilled over into the civilian sector of the economy. And because it wasnow a tested technology investors who were normally cautious were willing to puttheir capital into these ventures which instead of displace iron to make guns nowmade iron ore into stoves and pots.The second critical underpinning of the first industrial revolution wasthe development of a home grocery store in Britain. The first British industrialistsmanufactured textiles specifically cotton for the home market. The increment ofthe home market in Britain promoted industrialization in several(prenominal) ways. First, itwas a steady market which able to cushion the export market which was verydynamic and had sudden fluctuations. This allowed a steady rate of growth evenwhen exports fell. Second, the home market started the process of urbanizationby caus e people to leave the agricultural sector of the economy and move tothe cities to bet in the cotton and textile factories. This urbanization had asnowballing effect end-to-end the economy because it caused other business andfactories to open in the cities to support this new urban class. Third, the homemarket caused investments to be made in meliorate infrastructure including roads,