Tag: the industrial revolution

Mercantilism refers to the economic policy wherein the trade and accumulation of goods were maximized by obtaining the cheap raw material from the colonies. The development of large scale factories in Europe during the Industrial Revolution required the raw material of cotton, jute etc. that lead to spread if mercantile capital.

Capitalism is an economic, social and political system where private individuals control a country's trade and business. The government has little or no control over the market. The United States is a capitalist country. Capitalism prioritizes individual rights, private ownership, and free enterprise.

The beginning of the Industrial Revolution in England primarily resulted from agricultural innovation. New farming techniques and improved livestock breeding led to amplified food production. This allowed a spike in population and increased health.

Improvements in navigational tools.

Abandon much of its food production in favor of expanding the production of textiles and cash crops.

Industrialization first started in England in the eighteenth century. It spread to other parts of Europe, Russia, the United States of America and Japan in the nineteenth century. Under the leadership of Mao Zedong industrialization began in China during the mid-twentieth century (after 1950 AD).

Adam Smith.

Industrial revolution can be termed as a structural transformation that happened in the Great Britain during the  eighteenth century. It refers to the  changes in the technological, socioeconomic and cultural areas primarily due to  mechanization of agriculture, textiles, metallurgy, steam power etc. It helped England to maintain its supremacy, as the revolution took time to reach other European nations.