The Industrial Revolution.

Running Head : THE INDUSTRIAL REVOLUTION

: The Industrial Revolution

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The Industrial Revolution

Industrial revolution that took place in late 19th century is arguably the most important event in modern economic development around the world . Indeed , European societies that had been characterized by abject poverty were able to overcome such challenges and embarked on a gradual development path . In just one century , these societies have moved from sorry destitution to greater prosperity , all because of the strong foundation achieved through industrial revolution . Among the most important contribution of

industrial revolution is increase in food production at a time that human population was increasing . In fact Thomas Malthus , a renowned economic theory scholar had predicted that the exponential growth in human population , combined with poor food production was to result to human race catastrophe due to massive famine (Malthus , 1845 . Industrial revolution changed this through improved food production technologies

Industrial revolution also happened at a time that the human race had discovered other parts of the globe and were increasingly relocating for Europe and settling on other regions . This movement resulted to gradual surge of international trade as people in different regions needed supplies as well as markets for goods they produced . For instance , the Europeans who had migrated to the North American continent (especially the United States ) needed supplies to enable them live the quality of life enjoyed previously in Europe . Such aspects put pressure on entrepreneurs and inventors to develop better transport technologies to move supplies from one...