Book contents
- The Cambridge Economic History of the Modern World
- The Cambridge Economic History of the Modern World
- The Cambridge Economic History of the Modern World
- Copyright page
- Contents
- Figures
- Tables
- Contributors to Volume I
- Preface and Acknowledgements
- Introduction to Volume I
- Part I Regional Developments
- 1 Britain, the Industrial Revolution, and Modern Economic Growth
- 2 Continental Europe
- 3 Tokugawa Japan and the Foundations of Modern Economic Growth in Asia
- 4 China: The Start of the Great Divergence
- 5 From the Mughals to the Raj: India 1700–1858
- 6 Sustainable Development in South East Asia
- 7 The Ottoman Empire, 1700–1870
- 8 The Economic History of North America, 1700–1870
- 9 Latin America: 1700–1870
- 10 Africa: Slavery and the World Economy, 1700–1870
- 11 Australia: Geography and Institutions
- Part II Factors Governing Differential Outcomes in the Global Economy
- Index
- References
1 - Britain, the Industrial Revolution, and Modern Economic Growth
from Part I - Regional Developments
Published online by Cambridge University Press: 03 June 2021
Book contents
- The Cambridge Economic History of the Modern World
- The Cambridge Economic History of the Modern World
- The Cambridge Economic History of the Modern World
- Copyright page
- Contents
- Figures
- Tables
- Contributors to Volume I
- Preface and Acknowledgements
- Introduction to Volume I
- Part I Regional Developments
- 1 Britain, the Industrial Revolution, and Modern Economic Growth
- 2 Continental Europe
- 3 Tokugawa Japan and the Foundations of Modern Economic Growth in Asia
- 4 China: The Start of the Great Divergence
- 5 From the Mughals to the Raj: India 1700–1858
- 6 Sustainable Development in South East Asia
- 7 The Ottoman Empire, 1700–1870
- 8 The Economic History of North America, 1700–1870
- 9 Latin America: 1700–1870
- 10 Africa: Slavery and the World Economy, 1700–1870
- 11 Australia: Geography and Institutions
- Part II Factors Governing Differential Outcomes in the Global Economy
- Index
- References
Summary
The British Industrial Revolution marked the beginning of modern economic growth. This breakthrough built upon earlier episodes of GDP per head growth with the economy remaining on a plateau between these episodes. Growth was accompanied by structural change, with the declining share of agriculture matched by the rise of services as well as industry. As a result, Britain improved its position relative to the rest of Europe (the Little Divergence) and also improved its position relative to the leading Asian economies (the Great Divergence). The chapter examines the proximate sources behind economic growth in Britain during 1700–1870, including investment, growth in the number of workers, and accumulation of human capital. Together, these factors accounted for about two-thirds of the increase in output growth, leaving the other third to be explained by total factor productivity growth. However, the ultimate sources of Britain’s growth lay deeper in geography and institutions. The chapter also examines the effects of the Industrial Revolution on living standards and the impact of trade and empire.
Keywords
- Type
- Chapter
- Information
- The Cambridge Economic History of the Modern World , pp. 21 - 44Publisher: Cambridge University PressPrint publication year: 2021
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