Econ research paper

Draft of the term paper

The first industrial revolution in the United Kingdom, the so-called industrial revolution, was to replace "manual" production with "machine" production. The industrial revolution has made Britain the world's industrialized and urbanized country. During the British Industrial Revolution, industrialization concentrated on the economy and population, which promoted the rise and development of British cities. At the same time, the development of industry brought about the development of transportation, urban public infrastructure, etc., and promoted the British cities. Development and expansion. So, what impact does the industrial revolution have on the development of the UK?

First, the industrialization of the UK has greatly increased social productivity, promoted the emergence of emerging cities, and accelerated the process of urbanization. Urbanization has driven the development of the British economy. With the development of urbanization in the UK, "80 years before and after the industrial revolution, the labor productivity of British workers has increased by 20 times, and the productivity of cotton mill workers is 266 times higher than that of hand-spun workers; the coal production and cotton processing in the UK is equivalent to the world. Half; British industrial output accounts for 51% of the world, import and export trade accounts for 25%, and railways exceed 10,000 kilometers."(pg.303）.

After the first industrial revolution, Britain's national strength grew rapidly, and the status of the pound also rose, gradually replacing gold and becoming the world's universal currency. “At this point, the central bank’s international reserves in many countries have turned into pounds instead of gold, and 90% of trade in international trade has used pounds.”（wang）.

The industrial revolution made Britain the largest creditor. Inspired by the tremendous achievements of the first industrial revolution, the UK opened its domestic market to the world's products. “The British imperialist form has a vast colony, a large number of financial assets is the main capital-exporting country, and has a net creditor status - accounting for about 50% of the world's capital output. Therefore, after the first industrial revolution, the United Kingdom became the world's largest creditor.”（pg.5）.

The impact of the first industrial revolution on the British economy was enormous. It made the British urbanization develop and made the British pound widely used. It made the UK the world's largest creditor country, providing the UK with high industrial output value, guiding Britain from the agricultural country to the industrial country step by step, and strengthening the British internationally from all aspects. Economic status has promoted the development of the British economy and promoted the formation of the world market. It laid a preliminary foundation for the communication and future global integration of all regions, countries, and nations.

Cite

“The Complete Works of Marx and Engels, Vol. 2, People's Publishing House”, 1957, p. 303

“Population Growth in Nineteenth-Century Europe”. pg.5

Wei Wang, "The status of creditor countries under different hegemonic systems in the United Kingdom and the United States".