Nature of the Industrial Revolution
There has been much objection to the term because the word revolution suggests sudden, violent, unparalleled change, whereas the transformation was, to a great extent, gradual. Some historians argue that the 13th and 16th cent. were also periods of revolutionary economic change. However, in view of the magnitude of change between 1750 and 1850, the term seems useful.
Dramatic changes in the social and economic structure took place as inventions and technological innovations created the factory system of large-scale machine production and greater economic specialization, and as the laboring population, formerly employed predominantly in agriculture (in which production had also increased as a result of technological improvements), increasingly gathered in great urban factory centers. The same process occurred at later times and in changed tempo in other countries.
The Industrial Revolution in Great Britain
The ground was prepared by the voyages of discovery from Western Europe in the 15th and 16th cent.,
which led to a vast influx of precious metals from the New World, raising prices, stimulating industry, and fostering a money economy. Expansion of trade and the money economy stimulated the development of new institutions of finance and credit (see commercial revolution). In the 17th cent. the Dutch were in the forefront financially, but with the establishment (1694) of the Bank of England, their supremacy was effectively challenged. Capitalism appeared on a large scale, and a new type of commercial entrepreneur developed from the old class of merchant adventurers. Many machines were already known, and there were sizable factories using them, but these were the exceptions rather than the rule. Wood was the only fuel, water and wind the power of these early factories.
As the 18th cent. began, an expanding and wealthier population demanded more and better goods. In the productive process,