HST 211 Lecture Notes - Lecture 3: Industrial Revolution, Spinning Jenny, Technological Revolution
Document Summary
Begins in great britain in the 2nd half of the 18th century. Can only take place once 4 pre-conditions have occurred: agricultural revolution, financial revolution, revolution in demand, technological revolution. In basic terms, the industrial revolution was a change in the production of goods from handcrafted goods, to machine-crafted goods. The rising population in britain created an incentive for landlords to increase crop yields. Land owners are enclosing common pastures in order to make more room to grow food. Pushing out tenant farmers and rehiring as wage labourers. This lead to an innovation of new farming techniques. Three ways to gain capital for investment in industrialization. Britain had already established itself as the wealthiest nation on earth in the late 18th century. Vast trading network and budding capitalist agriculture had made many. English merchants and landowners wealthy: they have surplus capital to invest.
