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Industrial Revolution: Great Britain
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The Industrial Revolution was the product of four revolutionary innovations. The material that built the machines and tools of the Revolution was iron. Britain was the first to discover a cheap and effective way of producing iron. In 1709, Abraham Darby used a cheaper method of removing impurities from iron using coke instead of coal, and in 1784 Henry Cort devised another method involving stirring the molten metal with long rods. By 1844, Britain was producing 3 million tons of iron; it was more than the rest of the world put together. In combination with a few brilliant inventors, cheap iron brought about the steam engine and a host of new machines and mechanization.
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The Industrial Revolution was the major shift of technological, socioeconomic and cultural conditions in the late 18th and early 19th century that began in Britain and spread throughout the world. During that time, an economy based on manual labour was replaced by one dominated by industry and the manufacture of machinery. It began with the mechanisation of the textile industries and the development of iron-making techniques, and trade expansion was enabled by the introduction of canals, improved roads and railways. The introduction of steam power (fuelled primarily by coal) and powered machinery (mainly in textile manufacturing) underpinned the dramatic increases in production capacity. The development of all-metal machine tools in the first two decades of the 19th century facilitated the manufacture of more production machines for manufacturing in other industries.
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[One] theory is that Britain was able to succeed in the Industrial Revolution due to the availability of key resources it possessed. It had a dense population for its small geographical size. Enclosure of common land and the related Agricultural Revolution made a supply of this labour readily available. There was ... a local coincidence of natural resources in the North of England, the English Midlands, South Wales and the Scottish Lowlands. Local supplies of coal, iron, lead, copper, tin, limestone and water power, resulted in excellent conditions for the development and expansion of industry. Also, the damp, mild weather conditions of the North West of England provided ideal conditions for the spinning of cotton, providing a natural starting point for the birth of the textiles industry.
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The Industrial Revolution began in the late 18th and early 19th centuries in Britain, before spreading around the world. Coal, oil and gas (collectively termed fossil fuels) offered levels of energy production previously undreamed of, leading to shifts towards factory-based systems and the mass production of goods such as cotton. Fossil fuels, principally coal at the beginning of the Industrial Revolution, were primarily used to generate steam power and electricity, but their applications were vast, with many industries becoming automated, hence increasing their output. In the search for a better standard of living, many people moved from the countryside to the cities to find work in the new factories. The burning of fossil fuels led to a massive increase in urban air pollution, although most people felt that such a disadvantage was not significant in the context of their new found prosperity.
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With the advance of the Industrial Revolution, Business factoring became greater pinpointed on the issue of attribution, although the basic premise remained the same. By supporting clients in determining the creditworthiness of their customers and setting importance limits, invoice factoring companies could actually guarantee payment for approved customers.This is known as invoice factoring without recourse(or non-recourse Receivable funding)and is quite accepted in business today.
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The Industrial Revolution has changed the face of nations, giving rise to urban centers requiring vast municipal services. It created a specialized and interdependent economic life and made the urban worker more completely dependent on the will of the employer than the rural worker had been. Relations between capital and labor were aggravated, and Marxism was one product of this unrest. Doctrines of laissez-faire , developed in the writings of Adam Smith and David Ricardo , sought to maximize the use of new productive facilities. But the revolution ... brought a need for a new type of state intervention to protect the laborer and to provide necessary services. Laissez faire gradually gave way in the United States, Britain, and elsewhere to welfare capitalism.
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