The Industrial Revolution!
*Around the 1800's, changes in agriculture, manufacturing, and transportation were occurring. Especially in technology, the industrial revolution seemed to have a big effect on the social and cultural economy.
*This specific revolution grew rapidly in technological innovations which lead them to increasing amounts of goods and services. As it started in Europe and spread through north america and japan, this revolution really discovered new sources of energy.
*Coal was used for steam engines which later continues to fuel engines. This innovation became huge when it started in Britain. Steam power was used to help in textile factories and expand them much better.
*Because of these expansions of bettering the way people could travel, it increased to the way goods could travel as well. Due to this, trade routes developed. (canals, railroads, and even improved roads)
*This breakthrough provided an almost limited source of power that manual labor couldn't come close to reaching it. It eventually spread to the iron and steel productions creating even more innovative machineries.
*Three main innovations: Textile, Steam power, and Iron Making
Adam Smith: Hand of Invisibility Theory
Adam Smith's theory dealt with the soul fact to describe the self regulating nature of the market place. His metaphor was a pure thought of a true economist (in my eyes). This idea was to maximize their own gains in a free market and also to benefit individuals in a society.
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