Industry and Other Importany Sectors in India
1. REVOLUTION OF INDUSTRY |
The Industrial Revolution was a period from 1750 to 1850 where changes in agriculture, manufacturing, mining, transportation, and technology had a profound effect on the social, economic and cultural conditions of the times. It began in Great Britain, then subsequently spread throughout Western Europe, Northern America, Japan, and eventually the rest of the world.
The Industrial Revolution marks a major turning point in history; almost every aspect of daily life was influenced in some way. Most notably, average income and population began to exhibit unprecedented sustained growth. In the two centuries following 1800, the world 's average per capita income increased over tenfold, while the world 's population increased over sixfold. In the words of Nobel Prize winner Robert E. Lucas, Jr., "For the first time in history, the living standards of the masses of ordinary people have begun to undergo sustained growth ... Nothing remotely like this economic behavior has happened before".
Great Britain provided the legal and cultural foundations that enabled entrepreneurs to pioneer the industrial revolution. Key factors fostering this environment were: The period of peace and stability which followed the unification of England and Scotland,no trade barriers between England and Scotland,the rule of law (respecting the sanctity of contracts),a straightforward legal system which allowed the formation of joint-stock companies (corporations), and a free market (capitalism).
Starting in the later part of the 18th century, there began a transition in parts of Great Britain 's previously manual labour and draft-animal–based economy towards machine-based manufacturing. It started with the mechanisation of the textile industries, the development of iron-making techniques and the increased use ofrefined coal.Trade expansion was enable by the introduction of canals, improved roads and railways. With the transition away from an agricultural-based
The Industrial Revolution was a period from 1750 to 1850 where changes in agriculture, manufacturing, mining, transportation, and technology had a profound effect on the social, economic and cultural conditions of the times. It began in Great Britain, then subsequently spread throughout Western Europe, Northern America, Japan, and eventually the rest of the world.
The Industrial Revolution marks a major turning point in history; almost every aspect of daily life was influenced in some way. Most notably, average income and population began to exhibit unprecedented sustained growth. In the two centuries following 1800, the world 's average per capita income increased over tenfold, while the world 's population increased over sixfold. In the words of Nobel Prize winner Robert E. Lucas, Jr., "For the first time in history, the living standards of the masses of ordinary people have begun to undergo sustained growth ... Nothing remotely like this economic behavior has happened before".
Great Britain provided the legal and cultural foundations that enabled entrepreneurs to pioneer the industrial revolution. Key factors fostering this environment were: The period of peace and stability which followed the unification of England and Scotland,no trade barriers between England and Scotland,the rule of law (respecting the sanctity of contracts),a straightforward legal system which allowed the formation of joint-stock companies (corporations), and a free market (capitalism).
Starting in the later part of the 18th century, there began a transition in parts of Great Britain 's previously manual labour and draft-animal–based economy towards machine-based manufacturing. It started with the mechanisation of the textile industries, the development of iron-making techniques and the increased use ofrefined coal.Trade expansion was enable by the introduction of canals, improved roads and railways. With the transition away from an agricultural-based
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