HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Money needed to start and run a factory
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The main city in a country
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The workers needed for a factory
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Large cities that emerged around factories
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Detailed explanation-1: -Before 1750, the traditional ‘start date’ for the Industrial revolution, paper money and commercial bills were used in England, but gold and silver were preferred for major transactions and copper for daily trading. There were three tiers of banks already in existence, but only in limited numbers.
Detailed explanation-2: -The emergence of capitalism was vitally important to the start of industrialization and the Industrial Revolution. Capitalism caused the Industrial Revolution because industrialization required significant work and investment from individuals and not necessarily the government.
Detailed explanation-3: -It had banks of raw materials from its colonies under the British crown. It had a well developed banking system that encouraged the wealthy to invest in infrastructure and anyone who wanted to run their own business. It possessed the infrastructure needed for textiles.
Detailed explanation-4: -Wealth from the Slave Trade Mainly, Britain, America, Europe and Africa profited from the slave trade. The trade also created, sustained and relied on a large support network of shipping services, ports, and finance and insurance companies, employing thousands of people.