Industrial Revolution and impact on economy

  • There was rise in the GDP of England in an exponential manner.
  • Rise and expansion of capitalist class made England the financial power house of the world. They began developing other territories for their business needs (e.g., Railways in India).
  • Ever growing economic activities demand consistent supply of inputs specially the raw material. This gave impetus to explore foreign territory, capture them and expand colonialism further.
  • Due to extensive expansion on certain industries, England emerged as world leader in exports of Cotton clothing, steel, and other manufactured products. This further benefitted its balance of payment, improved foreign exchange earnings and helped its currency appreciate further.
  • Expansion of industrial sector and coming up of new proletariat class across England invited the creation of trade Unionism.
  • On the dark side, industrial revolution brought the irreversible global warming that has been increasing since.
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