THE ROAD FROM POLITICAL CONSOLIDATION TO INDUSTRIAL EXPANSION
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- COMMERCIALIZATION OF AGRICULTURE
- The Spinning Jenny (1765)The Water Frame (1769)–Increased production of fabrics
- 18TH CENTURY- STARTS IN GREAT BRITAIN
- STABLE SUPPLY OF FOOD AND GOOD DUE TO AGRICULTURAL REVOLUTION, LEADS TO POPULATION BOOM
- THERE WAS A POSITIVE FEEDBACK LOOP: AS CONSUMPTION INCREASED, PRODUCTION INCREASED AS WELL TO MATCH GROWTH. THUS, SPENDING MULTIPLIED/TRICKLED-DOWN, CAUSING INDUSTRIAL EXPANSION.
- SECOND HALF OF THE 18TH CENTURY, FIRST IN LONDON, ENGLAND
- INDUSTRIAL REVOLUTION-----COMSUMER REVOLUTION(INCREASE IN DEMAND AND SUPPLY OF GOODS)
- BOOM IN IRON PRODUCTION
- EFFICIENT COMMERCE,TRAVEL,INDUSTRIALPRODUCTION
- The Steam Engine by James WattINCREASE IN IRON PRODUCTION
- BOOM IN LONDON
- THE INDUSTRIAL REVOLUTION LED TO THE COMERCIAL REVOLUTION AS IT RESULTED IN AN INCREASED SUPPLY OF PUBLIC/PRIVATE GOODS, WHICH LED TO HIGHER HOUSEHOLD CONSUMPTION. THE GROWTH IN AGGREGATE SUPPLY AND DEMAND LED TO THE DEVELOPMENT OF A COMMERCIAL, MARKET ECONOMY, WHICH MARKED THE BEGINNING OF ECONOMIC LIBERALISM (1776, WEALTH OF NATIONS) IN EUROPE.
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