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Briefly explain any five economic factors that facilitated the development and expansion of the industrial revolution in Britain

      

Briefly explain any five economic factors that facilitated the development and expansion of the industrial revolution in Britain

  

Answers


Dana
Mineral resources: Britain was favored with deposits of iron and coal from within and her colonies. The exploitation of coal played a significant role in industrial development of the country.
The agrarian revolution: during the eighteenth century, Britain underwent a period of developments in agriculture. The agrarian changes had great influence on industrialization. One of these changes were the land tenure policy following the enclosure act. This created a class of land owners and the landless as some with small plots lost them to large scale entrepreneurs. The landless provided easily unskilled industrial labor force for the industries. The agrarian revolution further provided raw materials for the industries.
Transport and communication: Britain had a well-developed transport and communication network by 1850. Her road and railway network facilitated the movement of industrial goods and products. For many years before 1870, Britain had been a major world shipping power with fleets operating between the Americas, Africa and Far East. These helped in the transportation of industrial raw materials from her colonial possessions
Slave trade: use of slave labor in plantations and mines in colonies greatly influenced her industrial development. Their cheap and easily available services enhanced industrial developments in Britain.
Financial services: Britain was and has been one of the countries with well-maintained banking and insurance infrastructure. Industrial development thrives under good banking and insurance infrastructure because of the provision of credit and security services to investors

Dana05 answered the question on June 14, 2019 at 11:16


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