The paper "Industrial Revolution in Great Britain" is a great example of a report on macro and microeconomics. The industrial revolution was the immense growth of invention and technology that resulted in a big high growth rate of new industries bringing about social and economic changes specifically in Europe. This term was first used by A French envoy called Louis-Guillaume Otto in 1799 who announced that France had entered the period of the industrial revolution. The industrial revolution started in Great Britain in the late 18th century spread to North America than to the rest of the world.
This revolution is said by historians to have occurred between 1760 and 1830 where there was a high rate of technological advancement a factor that ignited a high rate of the growth of the industries (Temin, n. d). History reveals that during this period, the annual growth rate of the industry was 0.7% between the years 1760 to 1800, and then grew at 3% between the years 1800 to 1830. The industrial revolution in Europe greatly changed both the social and economic life in these nations where many factories were established, people moved from rural areas to urban centers to work in these ever-growing industries.
New technology resulted in higher and quality production hence trade was greatly boosted in this period than any other time in history (Quinault& O’ Brien, 1993). Every activity within the farms in rural areas was mechanized and now people moved from domestic production to massive production that aimed at exchanging on the world markets. New industries and factories provided another option other than farming and animal rearing which before then were the only source of employment.
This period of industrial revolution truly speaking marked a major turning point in history since every aspect of daily life was influenced in one way or another. One of the most notable aspects was that the average income and the population began to experience an alarming sustained growth. The living standards of ordinary people greatly changed much than any other time in history.
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Temin, P. (n. d). Two views of the British industrial revolution. Retrieved from http://www.econ.ucdavis.edu/faculty/gclark/210a/readings/temin1.pdf
Quinault, R &O’Brien. P. (1993). The industrial revolution and British Society. Cambridge University press. London Metropolitan University. UK.