Homework Question on Development of World Economy
- Why did the small island of Great Britain play such a decisive role in the economic history of the world by becoming the first industrial nation? Discuss.
- “There was only one route to the 21th century and it traversed Northern Britain in the late 18th century. Britain at that time found itself, by chance and circumstance, at the epicentre of a revolution in manufacturing and transportation that would forever alter the contours of world economic growth, and that instantaneously and irreversibly altered the way people lived and worked.” Critically discuss.
- “The Industrial Revolution that began in of the late eighteenth century was the most important break in the history of mankind since the Neolithic period and the development of agriculture.” Critically discuss.
Homework Answer on Development of World Economy
The Industrial revolution is traditionally considered the most important break in the history of mankind since the Neolithic period (Cameron, 1997, p.45). The period took place between 1760 to around 1850 (Cameron, 1997, p.46). The years vary for different countries since they did not transit to the new methods simultaneously. The Industrial revolution marked a period of the birth of self-sustained processes towards economic growth and effectiveness of duties (Cameron, 1997, p.47).
The transition included going from the manual ways of production where human labor was used, to using machines for production. Many companies were established.The industrial revolution was very important because it marked a major turning point in the lives of the people at that time. The living standards of the people underwent a sustained growth due to the increased activities that were brought about by the development of industries (Cameron, 1997, p.50).
This was a major breakthrough because if it never took place, the living standards of people would have remained low and production would still be subsistence (Cameron, 1997, p.50). People would still be confined and they would not be doing any efficient and important thing that would earn them income.Industrial revolution improved efficiency of work since use of human labor force and simple tools/machines would not always give the desired results.