An Overview Of Industrial Revolution

AN OVERVIEW OF INDUSTRIAL REVOLUTION

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The industrial revolution started in the 18th century brings to an end the period

dominated by agrarian and rural society.

In fact, before the revolution, manufacturing was done

at home while using hand tool and simple machines. Industrialization led to the shift towards

powered machinery, factories and bulk production. Consequently, the European and American

societies become industrial and urban. However, industrial revolution can be divided into three

periods. Besides, to the overview of the three periods, this paper discusses the contribution of

GDP on job creation and economic growth.

The Industrial Revolution

The industrial revolution stated in the Great Britain in the last half of the 18th century;

characterized with the inventions increasing the production of goods. People continued

discovering and turning to more complex machines to perfume the production functions faster

and relatively efficient compared to when using human labour alone.

The textile industry was

significantly important in leading the way. Due to the improved quality of life, the population in

Europe was on the rise hence increased the demand for clothing. The favourable market enticed

the investors to develop a series of machinery including the spinning jenny, mule and power

loom. From the cottage textile, large factories started emerging to facilitate mass production and

enjoy greater profits.

Another significant development that drove the first industrial revolution is the discovery

of the steam power. The power was used in powering the operating machinery in factories more

Robert Allen, Industrial Revolution: A Very Short Introduction (Oxford University Press,

2017), 35

Stearns, Peter The industrial revolution in world history (Boulder, Westview Press, 2012), 76

efficiently. Simultaneously, the British iron industry was in the growth and changing mode.

Investors had discovered more efficient methods of producing and refining cast iron. The refined

iron was, therefore, more compatible with all kinds of factories and manufacturing units.

The second Industrials Revolution started in the mid- 19th century to early 2oth century

before the World War I. During the period, more countries including German, France, Italy,

Japan and the United States adopted more rapid industrial development like the Great Britain.

The technology and machinery developed in Britain during the first revolution were improved to

enhance the production efficiency and speed further.

The discovery and use of petroleum and

electrification was a major driver to the progression made during the period. It is during the

period when communication and transport systems improved with the railway and telegraph

respectively. The development and use of steel was also a significant progression made during

the period. Lastly, large incorporation started during the period with the stock exchanges

particularly in London and New York. Consequently, the private ownership without the

government interference facilitated efficiency and effectiveness in production and trade.

Like other Industrial Revolution periods, the third phase is characterized by innovation

and continuous improvement. Currently, manufacturing is headed into a digital approach where

clever software, novel materials and the use of robots are involved. The cost of production will

reduce significantly, and the quality of the output will improve considerably.

The role of human

labour is likely to decline due to automation and programmed operations. Experts in areas such

Albert Meige and Schmitt Jacques. Innovation Intelligence: Commoditization, Digitalization,

Acceleration, Major Pressure on Innovation Drivers. (Absans Publishing, 2015), 14

Toynbee, Arnold. The industrial revolution (Read Books Ltd, 2013), 77.

as designers, engineers, IT specialists and logistics experts are the key drivers to the on-going

revolution. Communication and transport systems have made significant advancement in the

period. The improved airplanes, solar and electric trains and mega cargo and passenger ships and

road networks revolutionized the movement of goods and services. Digital communication

through the smartphones and internet connection is a critical progression made during the period.

During the third revolution era, the domination of large-scale multinational corporations

in the global trade and commerce declined. The centralized global companies are facing

significant competition from small and medium-sized enterprises.

The democratization of

information, energy, logistics and marketing through the computer technology, internet

connections, e-commerce and e-trade are the key drivers.

The Role of GDP on Job Creation and Economic Growth

The GDP is the total output regarding goods and services produced within an economy.

The GDP is critical in influencing job creation employment and economic development.

The

creation of employment involves the increase in demand for labour hence reducing the

unemployment rate. It is the desire of every country to have its skilled and ready to work

population involved in valuable economic activities. The growth in GDP implies that more

workforce is utilized in production and trading activities.

Consequently, more jobs are created

and the unemployment rate decline correspondently. In the manufacturing sector, the firms

Paul Hawken, Lovins Amory and Lovins Hunter. Natural capitalism: The next industrial

revolution (New York: Routledge, 2013), 76.

Katy Hull. "Understanding the relationship between economic growth, employment and

poverty reduction." Promoting pro-poor growth: Employment (2009), 73.

Frumkin, Norman. Tracking America's economy (New York: Routledge, 2015), 45.

would demand more labour to undertake the production activities. In marketing, more sales and

marketing personnel will be required. Besides, the suppliers of raw materials to the

manufacturing firms will be required to increase their output to meet the quantity demanded. For

instance, in case the raw materials are the output from the agriculture sector, farmers are

expected to increase the farm inputs including the workforce. On the other hand, a reduction in

GDP implies that there is less output from the economic activities.

Thus, firms are forced to

realise the employees considered extra relative to the activity level. As more people are laid off

not new ones are employed; the unemployment rate increases considerably.

From chart 1 and 2 shown below, it is clear that the decline in GDP between 2012 and

2013 lead to a decrease in the employment rate in the economy.

The growth in the employment

rate in some months between 2014 and 2015 was not sustained hence the decline at the end of

2015 due to a decrease in the GDP.

Chart 1: The Change in GDP

Burggraeve, K., G. de Walque, and H. Zimmer. "The relationship between economic growth

and employment." Economic Review (2015): 32-52.

Trading Economies. Greece GDP. Accessed 11

March, 2017,

http://www.tradingeconomics.com/greece/gdp.

Chart 2: The Employment Rate in Greece

Economic growth regards to the change in production volume and value in goods and

relates service over a given period for a country or a region. Production in an economy is

measured in terms of GDP. For instance, for an economy whose GDP was $1000 billion in a

year and in the next year it grows to $1, 250; the economic growth for the fiscal year is 25%. The

growth in this case regard to economic expansion with more goods and services been produced.

Economic growth is therefore directly relative to the GDP within the given period. For instance,

the decline in GDP from 2012 to 2015 implies that Greece as an economy did not have an

economic growth but rather a recession.

In summary, industrial revolution has taken place in different periods characterized with

innovations in various aspects. The first, second and third phases lead to mass production,

improved quality of labour, growth in urban and industrial centres. Mechanized production,

advanced communication and transportation were created over the Industrial Revolution period.

In recent years, the discovery of the computer and internet technology play a central role in

driving the revolution to its contemporary state. Besides, GDP has a direct contribution to job

creation and economic growth.

Trading Economies. Greece Employment Rate. Accessed 11

March, 2017,

http://www.tradingeconomics.com/greece/employment-rate.

Bibliography

Allen, Robert. Industrial Revolution: A Very Short Introduction. Oxford Univ Press, 2017.

Burggraeve, K., G. de Walque, and H. Zimmer. "The relationship between economic growth and

employment." Economic Review (2015): 32-52.

Frumkin, Norman. Tracking America's economy. New York , Routledge, 2015.

Hawken, Paul, Amory B. Lovins, and L. Hunter Lovins. Natural capitalism: The next industrial

revolution. New York: Routledge, 2013.

Hull, Katy. "Understanding the relationship between economic growth, employment and poverty

reduction." Promoting pro-poor growth: Employment (2009): 69-94.

Meige, Albert and Jacques Schmitt. Innovation Intelligence: Commoditization, Digitalization,

Acceleration, Major Pressure on Innovation Drivers. [S.l.]: Absans publishing, 2015.

Stearns, Peter N. The industrial revolution in world history. Boulder, Westview Press, 2012.

Toynbee, Arnold. The industrial revolution. Read Books Ltd, 2013.

Trading Economies. Greece Employment Rate. Accessed 11

March, 2017,

http://www.tradingeconomics.com/greece/employment-rate.

Trading Economies. Greece GDP. Accessed 11

March, 2017,

http://www.tradingeconomics.com/greece/gdp.

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An overview of industrial revolution

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