The Industrial Revolution began over two centuries ago and has had a major impact on every current world power. It began in a group of islands off the North West coast of Europe and has been imitated or tried by every nation looking to increase its wealth and power throughout the world.
Industrialization came out of the basic ideas of capitalism because it fostered to individuals who were willing to take high risks in hopes of high returns on their investments. These investments included factories and machines that would be put to use by people to better their standard of living. These entrepreneurs would return their profits back into the expansion and improvement of their factories and machines. This method, included with the low wages being paid to the workers, would in return yield the factory owner more and more money.
One element of industry that cannot be forgotten is the fact that the industry must follow the trends and tastes of the current society and if not it is inevitably going to fail. To stay ahead of the competition that is created in a society that has competing factories one must continually be seeking out new products and improving the old ones, one also must do everything they can to reduce the cost of the products to the consumer. The process of cost reduction goes back to affect the workers salary because the less an owner has to pay its employees the cheaper a product can be produced. The natural resources needed in an industrialized nation cannot be produced by one nation alone, but must rely on the imports from poorer countries that are still in the beginning stages of industrializing.
Since the beginning of the British industrialization many countries have tried to reproduce the results of the British, but there is no tried and true way to go about industrializing a nation. Many European countries have followed the “British Model of industrialization which is the sequence of coal, metals, textiles, and mechanical engineering as a path to industrial development.”1
The British benefited from its already well established market economy, its “accumulation and concentration of capital as well as the creation of a wage-labor force were already well advanced; agrarian relations had already been substantially transformed on capitalist lines; and Britain held a strong position in world trade and shipping.”2 The growth of industry was first held to the production of textiles, than moved on to the production of machinery. The continued growth of industry depended on expanding the market beyond national border.
Before the Second World War industrialization had only reached a select few countries, but through backing by the United Nations and the World Bank it has since furthered its way across the globe. “Since the Second World War, industrialization has been generally sought by the newly-developing countries as the...