10 Achievements of Mankind Made Possible by Economic Freedom
8. Industrial Revolution
The Industrial Revolution was the transition to new manufacturing processes in the period from the late 18th to the mid 19th century. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, improved efficiency of water power, the increasing use of steam power, and the development of machine tools.
The Industrial Revolution marks the emergence of the modern capitalist economy and is a major turning point in history; almost every aspect of daily life was influenced in some way. In particular, average income and population began to exhibit unprecedented sustained growth. One of the major impacts of the Industrial Revolution was that the standard of living for the general population began to increase consistently for the first time in history.
The Industrial Revolution began in Great Britain, and spread to Western Europe and North America within a few decades. This revolution was made possible because of the emergence and growing dominance of the middle class of industrialists and merchants. The economic climate of 18th and 19th century England encouraged free enterprise and movement of goods and services. Unlike most of the world, where this merchant culture was despised, the English people cherished self-reliance, industriousness, and entrepreneurship. This mindset naturally led them to become the dominant power of the 19th century and the workshop of the world.
