Industrial revolution

• the glorious revolution of 1688 :

  The bill of rights granted citizens stronger rights, allowing innovators to hold patents and benefit from their innovations, abolishing monopolies, thus incentivizing innovation.
• coal:

  • british coal was discovered places near coast,
  • it was easy to extract and transport
  • coal was used to fuel for many steam engines
• the age of reason-industrial enlightment-1780-1820

  • innovators and thinkers were allowed to discuss their ideas freely
• • the british navy: was to defend the seas and the business interest of private entrepeneurs
• incentive

  1. something that encourages a person to do something
• patent:

  1. a license that gives exclusive and sole rights to an inventor to use or sell an invention.
• Monopoly

  • the exclusive possession or control for trading in(or supplying)
• Positive effects of the industrial revolution

  • innovation-ideas were exhanged,developed and transformed into solutions for the benefit of the society.
• Positive effects of the industrial revolution

  Commercial centres were established this led to migration from rural areas as pepople loked for employment
• New institutions were established eg banks and the stock exchnage
• Positive effects of the industrial revolution

  a new middle class society emerged

  • with their surplus income they could afford luxuries
  • this supported trade
  • this increased the trade in those commodities
• there was also increased trade as more traders opened shops to sell goods and services
• the industrial revolution was during the 1760s to 1860