Industrial Revolution in Europe and Economic Impact

Industrial Revolution in Europe and Economic Impact
Author`s Name
Course
Lecturer
Institution
Date
Introduction
Industrial Revolution is a terminology that is applied when referring to a set of events that transpired in Britain around the year 1760 to 1830 (Ashton, 1948). This historical phenomenal consisted of an aggregation of economic, technological and social changes, which in the long run precipitated to the revolution of the British economy, and by extension, the Western Europe economy. The paper below seeks to explore the Industrial Revolution in Europe and the impact of the Revolution on trade and economy. The paper will focus on Britain mostly, since it is considered as the source of these Revolutions.
This industrial revolution gave rise to the modern economy in which technological advancements became a continuous and a sustained process. These led to the unprecedented economic advancements and the improvement of living standards in Europe. The effects of the revolution led to the restructuring and reorganization of consumption, production, international relation, among others. The economic changes during this time were neither abrupt nor dramatic, but their importances are comparable to no other changes in the world.
The Beginning of the Industrial Revolution
In the beginning of the year 1700s, land from the poor farmers was bought by the large landowners. The large land owners were able to produce new techniques of farming. The first technique employed was using a seed drill. This planted seeds in organized and well spaced rows. Newer methods were used so as to increase the size and yield of livestock. As a result, there was an increase in the crop yield, with subsequent boost of the economy. This led to population growth and healthier diets. It is believed that this agricultural revolution was an antecedent of the industrial revolution.
Britain was the premier in having an economy that was based on industries. It had iron ores so as to make tools and machines. It also had water and coal which were employed to produce power machines. Rivers within the country provided transport for people and goods. It also possessed good harbors, thus, enabling the shipment of goods to other countries. The banking industry was also well equipped to handle new business ventures. In addition, the government was stable. Coupling of all this factors enabled the economy to increase massively.
Industrial revolution began with the textile industry. New inventions assisted the textile businesses to produce more cloths and at increased pace. Cottons growth during this time was truly amazing. There was a rise in value added cotton, from less than a 0.5 million pounds in 1760s to a shocking 25 million pounds in 1820s (Ashton, 1948). The reason for this success is attributed to its physical characteristics. It rendered itself in a unique manner during mechanization and thus ensuring mass production. It produced a good that was attractive, of even quality and most importantly, inexpensive.
The invention of the Famous Mule enhanced further the development in textile industry. The mule minimized the time needed to spin a hundred pounds of cotton. Historically, this used to take 50,000 hours by employing an Indian hand spinner. This was reduced by the mule to 300 hours. Thus manufacturing process was much faster, and minimized on the cost of labor.
Major advances were also made in the Iron making sector. An important innovation was utilization of new fuels for the purpose of iron smelting in blast furnaces. Coke (purified coal) replaced charcoal in blast furnaces, and this served to decrease production costs that were encountered with the later fuel. The furnaces became more efficient, hotter and bigger and thus, increasing yield; hence, economic growth.
During this time of industrial revolution, many of the "old industries" were done away with. In the paper industry, a machine that manufactured a continuous roll was developed, rather than one which produced individual sheet. In pottery, glassmaking, sugar refining, mining, printing, and flour milling, the use of machines changed the dimensions of productivity. The invention of gas-light helped in street lighting. This also helped companies to work late and night, during winters and therefore, for longer hours. This further helped in increasing productivity.
Business owners constructed huge factories that harbored large water powered machines. In 1705, the steam engine was invented. This enabled a new power source other than coal. Steam produced from heating water, was used to run engines. Steam engines were eventually incorporated in most factories.
Technology was at the heart of everything. It was an engine which propelled the economy in wide dimensions. This technology coupled with an exceptional economy and society, could not be rivaled by any other nation. 18th century Britain can be termed as a technologically sound society. To demonstrate Britain`s competence during this time, a Swiss visitor once declared that, "for an invention to be perfect, it had to be invented by a person from France, and worked out in Britain". The Revolution witnessed the progression in the usage of waterpower, in addition to the increasing utilization of iron for the manufacture of wheels used in the waterpower.
In the same period of time, there were advancements in the transportation sector. Steam driven boats were invented; hence, the transfer of goods and people across rivers and canals became faster. Better roads were constructed so as wagons could not get stuck in mud while transporting goods. The world`s first railroad was set around the 1820s. The boom in railroads saw the business owners transport their goods to the market at a quicker pace. Railroads created many jobs in different industries. This saw a migration of people from their rural lands to urban centers and cities.
Apart from the above, other factors were also crucial in advancement of transport industry. The elimination of piracy enabled the secure transport of goods across water bodies. With more technological advancements, shipping costs fell significantly. This facilitated the cheap transportation of goods and thus fostered foreign trade. Bridges were constructed, that further led to the advancement in trade and business ventures. The iron bridge became a symbol representing the industrial revolution.
Challenges Encountered and Patterns of Change in the Industrial Revolution
Industrial revolution saw the boost in economy in virtually all sectors. The change had profound benefits, not only to Britain, but most of the European countries. Despite this marked benefit of the economy and quality of life, the industrialization precipitated some detrimental effects. One such effect was a rise in the population that inhabited the cities. The number of cities with greater than 100,000 persons doubled between the year 1800 to 1850 (Hartwell, 1971). Due to the rapid growth, there was a decrease in quality of housing, schools and security. This saw a rise in crimes and this affected the small businesses more.
With the surfacing of large production units during the revolution, problems were bound to arise. There were problems due to management. Some of these problems were overcome by most companies. Wedgwood, a renowned pottery manufacturer, was able to deal with problems related to lack of training and experience, through genius and intuition. Others were unable to deal fully with this problems since most managers at this age, had minimal experience in capital and cost accounting, personal management, inventory control, marketing and financial organization.
Another problem encountered during the Industrial revolution was that banks in addition to other financial institutions were not willing to risk funds on this new technology. This meant that much of the capital had to come from the owner`s resources and thus there was limited development of most of the businesses.
The working conditions were not conducive. Many hours were spent in factories and jobs. Th...