The importance of the economy during the Industrial Revolution

Another major turning point in the history of economics was the Industrial Revolution . This period, generally agreed by historians to begin between the 1760s and 1780s, had an enormous impact on our lives, even if it began in Britain.

Among other changes, we find:

• The way the land was cultivated.
• The living and working conditions of those who moved to the cities.
• The rise of the middle class and the arrival of higher incomes.

One of the main changes that arose from the Industrial Revolution was the introduction of steam power and steam engines. The steam engine, invented by James Watt and Matthew Boulton , paved the way for the improvement of the rail network, which allowed more goods to be transported not just across Britain, but around the world.

Steam power also brought certain changes to the textile industry , among which we highlight increased production in factories, considered by some to be the forerunners of the type of factories that were established at that time.

In fact, many of the changes that occurred during the Industrial Revolution can still be seen today. In and around Manchester (Great Britain), for example, you can still see remnants of the once prominent cotton industry that existed at the time. The importance of the economy during the Industrial Revolution