Introduction
The Industrial revolution marked a great transition in most industrial sectors such as transportation, communication and even agriculture. The revolution began in the 18th century in England and subsequently spread to other parts of the world. It introduced modern use of technological machinery such as steam engines and further developments in the communication and transportation world. This period marked a significant change in human life with the most notable change being growth in daily income and population increase. These changes enabled trade expansion by countries as a result of improved transportation networks such as roads and railways and enabled communication across the globe (Wallerstein 1989).
Global Economic Development
The period of industrial revolution saw a massive growth in the economy and particularly among countries who took the opportunity to trade beyond their nations. The revolution has played a major role in the expansion of the global economy in the sense that most countries have recorded incredible growth in their average per capita income. However, some critics seem to disagree with this notion with most of them arguing that the economic process grew slowly to what it has become today thereby disregarding the term ‘revolution’ as a mere misnomer. Other critics also claim that the increase of GDP per capita had been experienced even before the revolution. This debate is still rife and hence the importance of discussing the contribution of industrial revolution in the contemporary global economy (Moseley 2007).
Before the industrial revolution began, people engaged in manual labor and use of animals to make ends meet. The use of manual labor was slow and time consuming not mentioning the toll it took on the people. They further faced difficulties in transporting their products to the market due to lack of effective transportation channels and had to walk a long way. It was after the period of industrialization that trade took a different turn. Several innovations such as textile cotton spinning machines, steam power and knowledge transfer was adopted by the countries replacing manual labor (Jones 2010).
Industrialization helped to bring the contemporary global economy into focus. Technological innovations have enabled global industries to effectively conduct business with each other. The innovations include jet engines and introduction of emails and fax that aid in effective communication transfer globally. This has seen an increase in production in major multinational companies more than most countries. A good example is a company like General Motors which recently made more than $100 billion in sales, doubling the Pakistan’s GNP.
It can therefore be argued that though the critics are justified in their arguments, they fail to base their claims on the actual figures before the period of industrialization.
The Period Of Imperialism And Colonial Conquest
Industrial revolution spread to most parts of the world hence increasing the economic growth globally. It was not until the 1870s that countries began colonizing and being colonized (Zahedieh 2010). Spanish for example lost their grip in their colonies in both Central and South America while Russia continued massive domination in her colonies. The period of imperialism and quest of colonial conquest was fueled by the rise of industrial revolution. The powerful colonizers sought more countries to colonize due to the increasing necessity for raw materials for the industries and markets. The colonies provided a good base for cheap or free labor and raw materials as well as markets for their excess goods.
Conclusion
The effect of industrialization was greatly felt in most countries due to its great impact on the global economy. It has led to the development of time-space compression which enables the traders to trade globally within a short period of time. It has further led to social stratification as a result of global employment opportunities. This has increased the level of human interaction hence affecting the quality of life positively.
Reference List
Jones, E 2010, Locating the industrial revolution: inducement and response, London, World Scientific.
Moseley, W 2007, The introductory reader in human geography: contemporary debates and classics, London, Saunders.
Wallerstein, M 1989, The second era of great expansion of the capitalist world Economy 1730-1840s, Edinburgh, Campion.
Zahedieh, N 2010, The capital and the colonies: London and the Atlantic economy, 1660-1700, Cambridge, Cambridge University Press.