The Role of the Industrial Revolution in Great Britain
The industrial revolution played a major role in the establishment and expansion of various institutions in Great Britain. As more people migrated and settled in major towns, the health and education sectors were enhanced. An improvement in the average income for the civilians in Great Britain during the industrial revolution also led to an improvement in their living standards. A platform was created by the ever-strengthening economy where institutions were introduced with the aim of serving the needs for the increasing population. More hospitals were constructed and so were the schools (Humphries and Schneider, 2018, p.32). With an enhancement in the level of education, there was also an improvement in the skills of the employees.
The Modern Day British Institutions
In the modern day British, the qualities of services that are offered by institutions have also increased significantly. The healthcare sector, for instance, has across the years gained confidence from a large population in Britain. A country with functional institutions will always benefit from growth in GDP and this has been evidenced by the modern day the UK. Infrastructure development that gained momentum during the industrial revolution has also played an instrumental role in contributing to the strengthening of today’s British economy.
Conclusion
The origin for the modern economic growth was the British Industrial Revolution. The availability of labor, capital, and raw material played a major role in the establishment and expansion of factories during the era. In the modern day, economies of various countries around the globe still rely on most of the micro and macroeconomic concepts that were applicable during the industrial revolution era.
Bibliography
Hudson, P. (2014). Industrial Revolution. Bloomsbury Academic.
Humphries, J. and Schneider, B. (2018). Spinning the industrial revolution. The Economic History Review.
Van Neuss, L. (2015). Why Did the Industrial Revolution Start in Britain?. SSRN Electronic Journal.
