The Industrial Revolution (European History)
The Industrial Revolution in Britan:
Notes AP European History
The ground was prepared by the voyages of discovery from Western Europe in the 15th and 16th cent., which led to a vast influx of precious metals from the New World, raising prices, stimulating industry, and fostering a money economy. Expansion of trade and the money economy stimulated the development of new institutions of finance and credit (see commercial revolution). In the 17th cent. the Dutch were in the forefront financially, but with the establishment (1694) of the Bank of England, their supremacy was effectively challenged. Capitalism appeared on a large scale, and a new type of commercial entrepreneur developed from the old class of merchant adventurers. Many machines were already known, and there were sizable factories using them, but these were the exceptions rather than the rule. Wood was the only fuel, water and wind the power of these early factories.
As the 18th cent. began, an expanding and......
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