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

The Economic Underpinnings of the First Industrial Revolution in EnglandThe make out of armed services munitions and the development of a residencemarket were critical underpinnings of the premiere industrial revolution in Britain.Military manufacturing detained by the British Government contributed directlyto technological innovation and spurred industrialization. This is because thecompanies that choose to fulfill the disposal contracts to make militarymunitions found money could be made if parvenue processes and technology wasdeveloped to fulfill the huge contracts. Military manufacturing was one of the hardly a(prenominal) industries where innovation was rewarded. In most other industriesconservative indueors were reluctant to invest in new manufacturing technology.But in military manufacturing the government was the investor and was untroubled with the manufacturing technology as long as the product wasdelivered on time. some technological advances were made through mil itarymanufacturing some of these were new slipway to manufacture iron, conveyer belts,and the use machine tools . The technology developed for military manufacturingthen spilled over into the civilian sector of the economy. And because it wasnow a tried and true technology investors who were normally cautious were willing to puttheir capital into these ventures which sort of of pouring iron to make guns nowmade iron ore into stoves and pots.The stand by critical underpinning of the first industrial revolution wasthe development of a home market in Britain. The first British industrialistsmanufactured textiles specifically cotton fiber for the home market. The growth ofthe home market in Britain promoted industrialization in several ways. First, itwas a steady market which able to cushion the exportation market which was verydynamic and had sudden fluctuations. This allowed a steady evaluate of growth evenwhen exports fell. Second, the home market started the process of urbaniz ationby causing people to leave the agricultural sector of the economy and bleed tothe cities to work in the cotton and textile factories. This urbanization had asnowballing emergence throughout 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 improving infrastructure including roads,