This paper intends to compare the first industrial revolution of the 17th and 18th centuries and the second industrial revolution of the mid-18th and 19th centuries. It will highlight the transformation from the first revolution to the second revolution, focusing on the presence of giant firms and role of science and technology in economic activities. Additionally, it will introduce the two worldly philosophers Karl Marx and Adam Smith on these issues.
The industrial revolution of 17th and 18th centuries saw the transformation of Britain from a Neolithic nation into an industrious nation. However, this spread quickly throughout the world, introducing the modernisation of agriculture, revolution in power and manufacturing of textile.
This revolution brought an enormous wave of success in both economic and technical advancement. The first revolution largely focused on the production of new textiles machinery, improved methods of coal production, iron manufacturing and agricultural techniques. However, by the second industrial revolution, a clustering of industrial inventions centering on steel, railroad and agricultural machinery, thus, a big boom on the industry and economy. (Heilbroner and Milberg 2009,54)
The revolution of the 18th and 19th century saw an immense transformation in science, technology and our economy, hence, the transformation from a Neolithic economy to an industrial economy. The revolution impacted on the social-economic in terms of the industrial research and development. Before the revolution labour was manly manual force however, the first revolution saw the materlisation of machines. For examples, the introduction of steam engines provided powered energy used in replacement of manual labour, therefore ...
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P. Deane. (1969). Structural change. In: Carlo M.Cipolla The Fontana Economic History of Europe The industrial revolution in England 1700-1914. London: p.Deane. 41-43
Whitehead, A.N. (2009). The Industrial Revolution and the Role of Science and Technology in the Development of Technical Education. Available: http://technicaleducationmatters.org/page/14/. Last accessed 2th Jan 2014.
Bronwyn and Rosenberg, N (2010). Handbook of The Economics of Innovation. Available: http://books.google.co.uk/books?id=4nZTCD_zjN4C&dq=Mowery+and+Rosenberg,+1989+the+second+industrial+revolution&source=gbs_navlinks_s. Last accessed 2th Jan 2014.
Milberg, Wand Heilbroner, R.L (2009). The Making of Economic Society. 12th ed. US: Pearson International Edition . 54-62
Hammond, J.L and Hammond, B (1937). The rise of modern industry. London: Methuen & Co . 162.
Auerbach p (2013
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