CAUSES OF THE INDUSTRIAL REVOLUTION:
The first Industrial Revolution began in Great Britain after 1750. There were several factors that combined to make Great Britain an ideal place for industrialization. First, the Agricultural Revolution of the 18th century created a favourable climate for industrialization. By increasing food production, the British population could be fed at lower prices with less effort than ever before. The surplus of food meant that British families could use the money they saved to purchase manufactured goods. The population increase in Britain and the exodus of farmers from rural to urban areas in search of wage-labour created a ready pool of workers for the new industries.
Britain had financial institutions in place, such as a central bank, to finance new factories. The profits Britain had enjoyed due to booming cotton and trade industries allowed investors to support the construction of factories.
British entrepreneurs interested in taking risks to make profits were leading the charge of industrialization. The English revolutions of the 17th century had fostered a spirit of economic prosperity. Early industrial entrepreneurs were willing to take risks on the chance that they would reap financial rewards later. Britain had a vast supply of mineral resources used to run industrial machines, such as iron and coal. Since Britain is a relatively small country, these resources could be transported quickly and at a reasonable cost. The British government passed laws that protected private property and placed few restrictions on private business owners. Britain's merchant marine could transport goods to foreign markets. Lastly, Great Britain's colonial empire created a ready supply of consumers to purchase its manufactured goods. They had an extensive market to sell their goods.