In the latter half of the 18th century, goods began to be produced by machines instead of by hand. This profound transformation is the Industrial Revolution. Society changed from an agrarian and handicraft economy to one dominated by factory and machine-production. It began in England and spread to other parts of the world. The term was popularised by English economic historians to denote Britain's economic development from 1760 to 1840.
1. Attributes of the Industrial Revolution
- New basic materials: iron and steel.
- New energy sources: coal, electricity, petroleum.
- New machines such as the spinning jenny and the power loom.
- The factory system, with increased division of labour and specialisation.
- Development in transport and communication, and increasing application of science to industry.