Can Anything Be Done To Arrest The Terminal Decline Of The Uk Clothing Industry?
...revolution was the sudden acceleration of technical and economic development that began in Britain in the second half of the 18th century. The traditional agrarian economy was replaced by one dominated by machinery and manufacturing, made possible through technical advances such as the steam engine.
Britain exhibited a combination of favourable circumstances for such a change: an increasing population creating a larger workforce, natural resources, especially a plentiful and accessible supply of coal and cheap capital as a result of low interest rates which was essential for the high levels of investment required in the new technology. New materials, basically iron and steel, were used as well as new energy sources, such as coal and the steam engine, and most obviously new machinery, particularly in the textile industry. Transport systems were revolutionised by steam trains, canals, and better roads. New working conditions led to wealth moving away from the land and towards the new manufacturing classes. More people moved to where the factories were built creating growth within the urban areas.
As stated by Rostow (1960) countries pass through five stages of economic development.
Stage 1 - Traditional Society
Agriculture is the most important industry and production is labour intensive using only limited quantities of capital. Resource allocation is determined very much by traditional methods of production.
Stage 2 - Transitional Stage (the preconditions for takeoff)
There is an emergence of a transport infrastructure to support trade. As incomes, savings and investment grow entrepreneurs emerge.
Stage 3 - Take Off
Industrialisation increases, with workers switching from the agricultural sector to the manufacturing sector. Growth is concentrated in a few regions of the country and in one or two manufacturing industries. The growth is...
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