General Principles of Intellectual Property: Concepts of Intellectual Proper...
Industrial Revolution
1. Industrial Revolution
The Industrial Revolution was a positive
force in human history because it helped
mitigate social inequalities, fostered
economic growth, and provided an
environment for innovation.
This image illustrates the immense rise in gross domestic product for Great Britain resulting from the Industrial Revolution. The increase in wealth was an important short term and long term achievement for Britain, as it stimulated industry
During the Industrial Revolution, large factories flourished in cities because of new steam engines. Many rural farmers found new jobs in the factories, and the factories provided jobs for many women, too.Assembly lines first appeared in England in the early 19th century, and greatly increased the speed and efficiency of production in factories.
Because of the enormous increase in wealth due to the mass export of goods, living standards for ordinary citizens rose, and the wealth of the upper class dramatically grew.Wages for the factory workers greatly increased, as well. Full time earnings for British common laborers, adjusted for inflation, more than doubled in the seventy years after 1780. This graph shows how the Industrial Revolution, which first occurred in Great Britain, elevated the Gross domestic product per capita above the non-industrialized countries.
The machines of the Industrial Revolution created a shift from man power to machine power. As evident in the image, coal became the primary source of energy because it powered the steam engines, and use ofwater and wind for energy declined. The employment of these technologies led to an increased output and productivity and allowed other workers to boost efficiency in other areas of the manufacturing process.
An example of an industry that prospered during the Industrial Revolution is the cotton and textile industry. James Hargreaves invented the spinning jenny in 1764, which improved the spinning wheel and helped spark the revolution.Richard Arkwright patented the water frame in 1769, which used rollers to draw out the fiber. This machine was powered by water in factories.The English city Manchester became known as Cottonopolis due to the great number of textile factories.
Central banks, stock markets, and joint stock companies caused people to take more risks and adopt new technologies. The Bank of England, seen in this photograph, focused on the economic affairs of the state, not the manufacturers, so new, private, country banks were formed. However, the smaller banks collapsed, and the Bank of England implemented a system where capital is distributed to places where it is required from places of surplus.Capitalism flourished during the Industrial Revolution, as the factory system of manufacturing generated huge profits for the owners.
During the Industrial Revolution, existing transportation was dramatically improved and new methods of transportation were created
