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Industrial Revolution’s Input to Economic Growth

The United Kingdom is the greatest example of how industrial revolution impacted the country’s economic growth. It is a well-known fact that the building of various factories and manufacturing stations on the island started back in the 1830’s. Since then, the UK was one of the greatest economies in the entire world.

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It appears that the growth and promotion of various innovative technologies enrich global markets, which makes some states’ offers valuable and beneficial for their neighbors and other participants of the global trading platform (Hartwell, 2017). However, when the government of the western country began to build and create industrial objects, many people obtained an opportunity to work and receive regular payments for their labor, whereas others were trying to grow their own food and livestock to survive.

Indeed, as the healthiest and the strongest population of the United Kingdom produced goods that were exported later, the state collected foreign currencies as they were selling the products. Therefore, Britain’s economy proliferated due to the working force that arrived at the island from the continent (Hartwell, 2017). Also, the sphere of shipbuilding was important for any strong economy back in the 1830’s because various raw materials had to be delivered to factories. In turn, less developed states had to rent British vessels to deliver different goods that they traded with other maritime territories.

To conclude, it would be proper to stress that the industrial revolution created many working places all over the country, whereas the population of the state became more educated and competent in a plethora of professional questions due to the experience they gained while working. The factor of beneficial knowledge is also important for any economy as it gives people an understanding of how to organize their priorities in governmental business.

References

Hartwell, R. M. (2017). The industrial revolution and economic growth. New York, NY: Routledge.

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StudyCorgi. (2021, May 10). Industrial Revolution’s Input to Economic Growth. Retrieved from https://studycorgi.com/industrial-revolutions-input-to-economic-growth/

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StudyCorgi. (2021, May 10). Industrial Revolution’s Input to Economic Growth. https://studycorgi.com/industrial-revolutions-input-to-economic-growth/

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1. StudyCorgi. "Industrial Revolution’s Input to Economic Growth." May 10, 2021. https://studycorgi.com/industrial-revolutions-input-to-economic-growth/.


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StudyCorgi. "Industrial Revolution’s Input to Economic Growth." May 10, 2021. https://studycorgi.com/industrial-revolutions-input-to-economic-growth/.

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StudyCorgi. 2021. "Industrial Revolution’s Input to Economic Growth." May 10, 2021. https://studycorgi.com/industrial-revolutions-input-to-economic-growth/.

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StudyCorgi. (2021) 'Industrial Revolution’s Input to Economic Growth'. 10 May.

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