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. …show more content…
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 means to raise living standards and to ensure national independence. Countries that have little or no industry are almost invariably poor.”3
While many believed that current way of capitalistic industrialization, private ownership and production being determined by market forces, was the optimum of this process, there were people who believed in another way. The socialists