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Trading and Investment Terms

Industrial Revolution

The Industrial Revolution was a time of significant industrialization and advancement that occurred during the late 1700s and early 1800s. The Industrial Revolution started in Great Britain and immediately spread all through the world.

 

The American Industrial Revolution often alluded to as the second Industrial Revolution, began sometime between 1820 and 1870. This period witnessed the agriculture mechanization along with textile production and a power revolution , that included steamships and railways, that influenced social, cultural, and economic conditions.

 

Despite the fact that the Industrial Revolution happened around 200 years ago, it is a period that left a significant effect on how individuals lived and the manner organizations operated. Seemingly, the factory frameworks developed during the Industrial Revolution are responsible for the birth of capitalism and the present urban cities.

 

Prior to the revolution, most Americans made their living cultivating and lived in widespread rural networks. With the development of factories, individuals started working for organizations situated in urban regions for the first time. Often the wages were low, and situations were unforgiving. Be that as it may, working for organizations paid a superior living than farming.

 

Production efficiency improved during the Industrial Revolution with innovations like the steam engine. The steam engine significantly decreased the time it took to produce goods. More efficient manufacturing subsequently decreased prices for goods; fundamentally because of lower labor rates; opening the marketing doors to another degree of customers.

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