British_History_III.pptVIP

British History III The British Industrial Revolution It refers to the mechanization of industry and the consequent changes in social and economic organization in Britain in the late 18th and early 19th centuries. The Industrial Revolution began in Great Britain because social, political, and legal conditions there were particularly favorable to change. Property rights, such as those for patents on mechanical improvements, were well established The British Industrial Revolution The predictable, stable rule of law in Britain meant that monarchs and aristocrats were less likely to arbitrarily seize earnings or impose taxes than they were in many other countries. Earnings were safer, and ambitious businesspeople could gain wealth, social prestige, and power more easily than could people on the European continent. These factors encouraged risk taking and investment in new business ventures, both crucial to economic growth. Adam Smith Great Britain’s government pursued a relatively hands-off economic policy. This free-market approach was made popular through British philosopher and economist Adam Smith and his book The Wealth of Nations (1776). The hands-off policy permitted fresh methods and ideas to flourish with little interference or regulation. Adam Smith Adam Smith argued that private competition free from regulation produces and distributes wealth better than government-regulated markets. Since 1776, when Smith produced his work, his argument has been used to justify capitalism and discourage government intervention in trade and exchange. Smith believed that private businesses seeking their own interests organize the economy most efficiently, “as if by an invisible hand.” The British Industrial Revolution Several industries played key roles in Britain’s industrialization. Iron and steel manufacture, the production of steam engines, and textiles were all powerful influences, as was the rise of a machine-building sector able to spread mechanization to other