The Industrial Revolution began during the eighteenth century, significantly altering the lives of millions and society, in terms of social order, industry, and technology. Due to many of its advantageous factors over other nations, Great Britain became the first nation to industrialize and prosper. The combination of social, economic, cultural, and political factors allowed Great Britain to be first.
Social factors, which contributed towards the industrialization of Great Britain, included the escalation in population, and the working, middling sort who indulged in commerce, trade, and manufacturing (which greatly contributed towards economic factors as well). Great Britain’s excess population allowed it to prosper greatly; membership of the elite augmented (the elite were considerably broader than the aristocracy), and in turn, increased the wealth. Nobles and gentries owned about 25 percent of the land in Great Britain, significantly greater in percentile than France and the German states. Ranging from wealthy entrepreneurs to barely sufficient workers, the middling sort engaged in actual work, thus the more wealthy, lived nobly as commoners. Great Britain’s excess of middle class merchants gave her the name “nation of shopkeepers.”
Directly funded by society itself, Great Britain’s economy emerged substantial. However its prominent source came from trade and commerce; its nearness to water and network of canals allowed easy transportation. Benefiting from its trade, economy was clearly established as distinguished. However, through history, maintaining the economy had been difficult due to multiple factors, but Great Britain sustained through its banking system and stable currency; only two cities in Europe had developed banks, credit facilities, low interest rates, and insurance companies and London was one.
Another important benefactor towards Great Britain’s economy was the growth in...