The Industrial Revolution and Britain's Economic Transformation
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The Foundations of Industrialization
Industrialization is defined by structural change, improvements in productivity, and the transition from human labour to machinery. This period saw a significant change in demand, marked by shifts in spending behaviors and a rise in demand for market-supplied goods. During the 17th and 18th centuries, the range of market activity expanded, creating greater opportunities for individuals to sell their labour for wages. This led to increased specialization and market activity, as the extent of the market often depends on specialization.
The key to achieving total productivity growth was not found in demography or technology alone, but in the organization of the household as an economic entity. This contrasts... Continue reading "The Industrial Revolution and Britain's Economic Transformation" »