▬ The process of change that transformed Britain first and then other countries from agricultural to industrial economics.
▬ The Industrial Revolution began about 1750 when the agricultural revolution was well under way. Inventions were made in the textile industry by such men as James Hargreaves (Spinning Jenny, 1764), Richard Arkwright(Water Frame, 1769), Samuel Crompton (Mule, 1779), and Emmund Cartwright (Power Loom, 1785), which made the production of cloth much faster and the yarn produced of better quality.
Capitalism: Economic system in which a country’s trade and industry are organised and controlled by the owners of capital, the chief elements being competition, profit, supply and demand.
▬ These new machines required factories to house them, at first near rivers for water power and then, when the steam engine was invented by James Watt in 1769), near coalfields.
▬ England, an agricultural country was now turned into a manufacturing country. The production increased manifold. Things were available at cheaper rates. Improved methods of communication followed.
▬ The economic progress and industrialisation of England influenced the social & cultural life of the people. It had far-reaching affects on the political history of England.
▬ By 1850 the Industrial Revolution had penetrated into Belgium, France, Germany, Switzerland and USA. By 1900 it had extended to Sweden, taly, Russia, Japan & Argentina. Presently it is penetrating into China, India and Africa.