Industrial Revolution: Economic Shifts and Social Structures
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c) The Economic Environment
Britain possessed a national market: there were no internal customs borders and a single currency. Furthermore, Britain controlled a vast empire, enabling British companies to obtain raw materials and sell manufactured goods globally.
d) The Intellectual Environment
Adam Smith, a Scottish economist, was the most important economic philosopher of the Enlightenment. In 1776, he published The Wealth of Nations. In this book, he defended three main ideas:
- Anti-mercantilism: The wealth of a nation is not its gold reserves, but the goods and services it produces.
5. Consequences of the Industrial Revolution
The Industrial Revolution (IR) was not only a technical and economic process; it also transformed society. The main social... Continue reading "Industrial Revolution: Economic Shifts and Social Structures" »