Tag: from capitalism to imperialism

The birth of new classes, the capitalist and the labour class made the poor poorer and the entire capital of the country went into the coffers on the capitalist. It was therefore rightly said by someone, the industrial revolution made the rich richer and the poor poorer. 

The term "Industrial revolution" refers to all those changes that took place in the field of the industry during the second half of the 18th century and the first half of the 19th century. In this period power-driven machines were used in big factories to achieve large scale production.

The Industrialization in Germany occurred almost a century later than England. This was because until 1870, Germany was not unified. In 1871, with the formation of New German Confederation, the country became politically, socially, and economically stronger. Thus, the unification provides a smooth platform for the growth of industries. Also, as a result of Seven Weeks war with France, Germany gained Alsace and Lorraine. These were mineral rich regions and gave an instant boom to the economy.

Industrial revolution favoured rapid setup of factories which caused the development of specific towns. Early eighteenth century saw the development of cotton factories in Lancashire due to trade with Egypt and India. Manchester witnessed population boom due to extensive setup of cotton factories in by 1830. Sheffield became renowned for its metallurgy. 

Laissez-Faire is the French term for free trade. It is a system in which the government doesn't interfere much in the economy of the country and leaves its functioning to the market. Thus, Laissez-Faire is the right answer.

Development of London started in 18th century due to rapid industrialization. By 1750, one out of every nine people of England and Wales lived in London.  It was a colossal city with a population of about 675,000.  Over the period of nineteenth century, London continued to expand.