The Modern Industrial Economy

The Modern Industrial Economy

        Before the beginning of the eighteenth century, Europe was in dire need of a transformation. One that would change their style of life, not only for the well being of the countries, but for the people as well. This transformation could mean the development of nations into world powers. This need was fulfilled by one word, industrialization. Perhaps the biggest change in history was the Industrial Revolution of the 18th century. This was not only carrying economic changes, but social changes as well. This extensive mechanization from home manufacturing to large-scale factory production was without doubt, the largest conversion for labor fabrication.

        Let's take a look at some necessities for a country to industrialize. First of all, raw materials would be needed in whatever industry you would want to develop. Without a source of power or materials, the product would not be able to be produced at a large factory. Surplus of food is another necessity for industrialization. Without this extensive food supply, laborers would not be fed properly which could result in catastrophic losses. Another major element in the development of industry is entrepreneurs. Since Britain had a sizable middle-class with entrepreneur ideas, they seemed to fit more and more into this equation. Labor Force is also a large contributor to this cause. With an ability of laborers to leave their homes and go into factories, people started realizing the positive effects of big business. One distinct feature that was possessed by Britain was wealth. At the time, Great Britain was one of the wealthiest nations and could afford to dump large sums of money into buildings and export. Finally, one of the last things that were needed that could limit all the other elements is the possession of a government that was open to...