Economic Changes During The Industrial Revolution

The Industrial Revolution caused sweeping changes to Britain by ushering in scientific advancements, growth of technology, improvements to the fields of agriculture and production and an overall economic expansion. The Industrial Revolution began during the 18th century, and lasted well into the 19th century. During that time, the Revolution improved living conditions for British systems, created new jobs, increased and improved trade and introduced new technologies and advancements.

The impact of changing the way items were manufactured had a wide reach. Industries such as textile manufacturing, mining, glass making and agriculture all had undergone changes. For example, prior to the Industrial Revolution, textiles were primarily made of wool and were hand spun. But, with the invention of the spinning wheel and the loom, cotton was produced quicker and eventually replaced wool in the textile field. This dramatically reduced production time and the cost the produce material. Advances such as these were evident in all industries during this era.

However, with materials now being produced quicker and cheaper, the need for manufactured goods was greater than the supply. This material shortage forced factories to open up for greater production hours and placed hard demands on the men, women and children in the workplace. These demands became

Scientific innovations and technological improvements contributed to the advancement of agriculture, industry, shipping and trade and to the expansion of the economy. With the increase of capital and the need for credit, banking developed not only in London but also in the countryside. Industrialists, shipbuilders, merchants and other private manufacturers established provincial banks and issued paper money in the form of bills of exchange and notes, primarily in order to provide payment for labour and for the purchase of raw