Industry, Ideology, and their Global Impact, 1700-1912 Assignment

Industry, Ideology, and their Global Impact, 1700-1912 - Assignment Example Thirdly, the period also experienced the development of new working tools and equipment. Lastly, there was the development of new energy sources as well as innovation of production processes that maintained efficient use of power. During the Industrial Revolution, the textile industry was adversely affected in terms of capital invested, employment and the value of output obtained. Most scholars believe that the industrial revolution began in the Great Britain. In this regard, the revolution was initiated by agricultural transformations (in form of changes in the methods of stockbreeding and farming) resulting in increased agricultural output. The British government was able to feed its citizens by providing food at lower price while using less labor (Hatch, 1998). Eventually, there was fast increase in population that provided surplus labor. Ultimately, the British government introduced new industries, such as cottage industries that provided employment to rural workers. Additionally, Britain also had excessive capital for investment in new machinery. The capital accumulation also included profits obtained from the cottage industry. In addition, the well-developed British Central Bank provided flexible credit facilities that provided essential capital to prospective investors. The bank facilitated capital transactions through paper instrument, a service that was novel and was not offered elsewhere in Europe. Additionally, Britain had developed a culture where individuals were solely interested in making profits, business expansion and accumulation of wealth, individually or as a group (Hatch, 1998) . In this regard, most business organizations were often risky, open (hardly considered experience and skills) and were very profitable. Britain was highly endowed with essential minerals such as iron ore and coal. These minerals provided raw materials for the established manufacturing industries. Britain was a small country