Course Project: Annotated Bibliography (Part II, Three new Annotations required)
R.M. Hartwell, The
Industrial Revolution and Economic Growth, Methuen and Co., 1971,
page 339–341 ISBN 0-416-19500-8
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In
this article the writer says thatIndustrial revolution not only
facilitated mass production it also enabled the other factors like capital and
labor to migrate to those places where it was needed. This led to the arbitrage
theory which revolutionized the concept of wages and remuneration paid to
workers. Mass production enabled those with resources to grow richer. This led
to a division in the society called the haves and the have-nots otherwise known
as the rich and the poor. This was the basic truth of the capitalistic form of
market and industrial revolution paved the way for this. As people who owned
resources started accumulating wealth they were able to grow richer and start
newer industries. This spurred their growth. Innovation and creative tools were
discovered by the rich and this led to the patenting of these tools. These
innovations were powered by money and disposal of resources in the hands of the
rich and led to a class of people called researchers. This led to the formation
of capital markets and media publicity. One of the greatest impact of
capitalism was the share markets and share trading .Much after the industrial revolution
got over, the world still reels under the impact of this class of people which
is a social divide.
Rosen, William (2012). The Most
Powerful Idea in the World: A Story of Steam, Industry and Invention.
University Of Chicago Press. p. 127.ISBN 978-0-226-72634-2.
The
history of United States development could never have happened if it was not
from the industrialization of the country. The country was able to innovate and
create new manufacturing methods and became the leader in manufacturing. The
advent of different kinds of transport also aided in growth. The import and
export of core minerals was made possible though transportation and industrial
revolution. The lives of the American
charged dramatically after the revolution as new channels of work emerged. The
invention of the steam engine made it possible for factors to migrate and
travel .this enabled the shift of skill and mobility of invention to happen .
