Impact of Industrial Revolution on International Trade Essay

Prior to unfolding of the events in the 18th century the interlinkages of increasingly global world, stirred agrarian and rural societys. In particular, the families had begun to produce surplus and buying new commodities, which were hitherto, considered luxuries. This era of industrious revolution laid the foundation for the industrial revolution. The trade in this time to Europe was mainly spices from India, silk and porcelain from China and inspite of silver flowing in from Americas kept the balance in favour of the East. The capital and labour requirements were not intensive and the mercantile activities were primarily housed in the guilds. This essay attempts to understand how the industrial revolution impacted the commerce The†¦show more content†¦The earliest factories in England came up by the 1730s and, with the technology enabled production processes like carding, twisting, spinning and rolling became faster and easier consequentially, between 1760 and 1787 raw cotton imports to British cotton industry rose from 2.5 million pounds to 22 million pounds. On the contrary, the traditional market of cotton cloth from India witnessed a steady decline from 30 per cent around 1800 to 15 per cent by 1815 and to 3 percent in 1870s. While exports of cloth declined rapidly, export of raw materials increased equally fast. Between 1812 and 1871, the share of raw cotton exports rose from 5 per cent to 35 per cent. This was not something triggered by the industrial revolution but the protectionist measures of the British t which imposed tariffs on cloth imports. The creation of cotton mill by Richard Arkwright brought processes under one roof and management, allowing better supervision, quality control, and the regulation of labour. Thus not only the trade the way business of production was handled also underwent a quantum change. After 1840s, the exports of iron and steel industry from Britain increased exponentially, with the expansion of railways, in England from the 1840s and in the colonies from the 1860s. By 1873 Britain was exporting iron and steel worth about  £ 77 million, double the value of its cotton export. However, this should be noted that industrialisation did not replace the traditional trade, even at theShow MoreRelatedEcon 515 Essay765 Words   |  4 PagesZulu? Were they able to successfully settle the interior? Why or why not? 3. List 3 positive impacts on standards of living due to industrialization. List 3 negative consequences of industrialization. Did British Standards of Living rise 1800-1850? Why or Why not? 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