Industrial Revolution in Europe and Economic Impact

Industrial Revolution in Europe and Economic Impact
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Introduction
Industrial Revolution is a terminology that is applied when referring to a set of events that transpired in Britain around the year 1760 to 1830 (Ashton, 1948). This historical phenomenal consisted of an aggregation of economic, technological and social changes, which in the long run precipitated to the revolution of the British economy, and by extension, the Western Europe economy. The paper below seeks to explore the Industrial Revolution in Europe and the impact of the Revolution on trade and economy. The paper will focus on Britain mostly, since it is considered as the source of these Revolutions.
This industrial revolution gave rise to the modern economy in which technological advancements became a continuous and a sustained process. These led to the unprecedented economic advancements and the improvement of living standards in Europe. The effects of the revolution led to the restructuring and reorganization of consumption, production, international relation, among others. The economic changes during this time were neither abrupt nor dramatic, but their importances are comparable to no other changes in the world.
The Beginning of the Industrial Revolution
In the beginning of the year 1700s, land from the poor farmers was bought by the large landowners. The large land owners were able to produce new techniques of farming. The first technique employed was using a seed drill. This planted seeds in organized and well spaced rows. Newer methods were used so as to increase the size and yield of livestock. As a result, there was an increase in the crop yield, with subsequent boost of the economy. This led to population growth and healthier diets. It is believed that this agricultural revolution was an antecedent of the industrial revolution.
Britain was the premier in having an economy that was based on industries. It had iron ores so as to make tools and machines. It also had water and coal which were employed to produce power machines. Rivers within the country provided transport for people and goods. It also possessed good harbors, thus, enabling the shipment of goods to other countries. The banking industry was also well equipped to handle new business ventures. In addition, the government was stable. Coupling of all this factors enabled the economy to increase massively.
Industrial revolution began with the textile industry. New inventions assisted the textile businesses to produce more cloths and at increased pace. Cottons growth during this time was truly amazing. There was a rise in value added cotton, from less than a 0.5 million pounds in 1760s to a shocking 25 million pounds in 1820s (Ashton, 1948). The reason for this success is attributed to its physical characteristics. It rendered itself in a unique manner during mechanization and thus ensuring mass production. It produced a good that...