Exam (elaborations)
HSY2601 ASSIGNMENT 4 2024
- Course
- Institution
HSY2601 ASSIGNMENT 4 2024
[Show more]
1 review
By: tanyamarais124 • 6 months ago
Seller
Follow
marthamokgahla
Reviews received
Content preview
Assessment 4: Research EssayWeight: 35% Format: Essay
Word Count: 2000 words max. Due
Date: 06 May 23:00
Topic 2: Industrialisation
Discuss critically Britain’s leadership in industrialising the economy. What were the
contributing factors in the 19th century that propelled this advance?
Essay
In the 1800s, Britain became really good at making things in factories, and this
changed the world a lot. But it wasn't just luck – a bunch of reasons helped Britain
become the leader in making stuff. In this essay I will be looking at why Britain got so
good at industry back then. It's all about things like having lots of resources, being in
the right place, coming up with new machines, having stable leaders, being good with
money, lots of people moving to cities, and always wanting to do better.
Understanding these reasons helps us see how Britain became the top dog in
making things during the 1800s.
To begin with, Britain was blessed with abundant natural resources that played a
crucial role in kickstarting its industrial revolution. It possessed ample reserves of
coal and iron, essential components for powering machinery and manufacturing
goods. This resource advantage gave Britain an early advantage in mechanization
compared to other nations. Also, Britain's favorable geographic location made it
conducive to trade and economic growth. Its well-developed network of rivers,
canals, and roads facilitated the smooth transportation of raw materials and finished
products, laying a strong foundation for industrial expansion. Moreover, Britain's
colonial empire provided access to lucrative overseas markets and sources of raw
materials, further driving the momentum of industrial development
, The Agricultural Revolution preceding the Industrial Revolution played a crucial role.
The enclosure movement, which consolidated land into larger, more efficient farms,
freed up labor for the burgeoning industrial workforce. More to that, innovations in
agricultural technology increased productivity, allowing for surplus food production to
support urban populations.
Britain's political stability and favorable legal framework encouraged entrepreneurship
and investment. The rule of law, protection of property rights, and relatively low levels
of government intervention provided a conducive environment for capitalist enterprise
to flourish. This stability contrasted with the political turmoil and instability
experienced in other European countries during the same period.
Technological innovation was a hallmark of Britain's industrial leadership. The
invention and refinement of machinery, such as the spinning jenny and the steam
engine, revolutionized production processes, leading to increased efficiency and
output. British inventors and engineers, supported by a culture of scientific inquiry
and experimentation, drove these technological advancements.
The availability of capital, both domestic and foreign, played a vital role in financing
industrial ventures. Britain's well-developed financial institutions, including banks and
stock exchanges, facilitated the mobilization of capital for investment in industrial
enterprises. Moreover, profits from overseas trade and colonial exploitation provided
additional sources of investment funds. Growth of urban centers and the
concentration of population in industrial towns created a labor pool for factories and
mills. Rural-to-urban migration, driven by economic opportunities in manufacturing,
supplied the workforce necessary for industrial production. And the early
industrialization created a self-reinforcing cycle of growth. As industrial output
expanded, demand for goods increased, leading to further investment in technology
and infrastructure.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller marthamokgahla. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.14. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now