At that particular time, a factory could not be established without expensive machinery, large amounts of capital for materials, supplies and placement. The industry itself was based on large capital and the new entrepreneurs' un-flagged activities, with employees working like slaves, stinting themselves to the limit while the owners living like slave masters. From the newly forming country, some of the new industrialists married fortunes from the country while others, on the other hand, got from the London commercial houses their main advances that helped them to establish shops and factories that were extremely needed due to the high demand of goods and services. Small-scale farmers and the initial sons of yeomen were the first main beneficiaries of the new development mainly due to their forward thinking and self-motivation. Although the latter were initially in the same social class as the laborers, they easily established their dominance and superior position as the gap widened with their new position as the new capitalists of the era.
In the proceeding age, the entrepreneurs of that time had to possess vastly more abilities or knowledge as compared to those of the earlier periods like the clothiers. This is because they were setting themselves to be the new captains of the industry mainly due to the new way of gathering, disciplining and organizing their resources and labor forces, building and inventing their machinery. They were also getting a grasp on their main raw material sources, understanding the foreign and domestic markets state, securing working capital, beating their rival competitors and still being able to save for their plants extensions. They worked towards forging their names as iron masters of the modern age and without the initial social grace that would have normally softened their impatience and harshness stands on the face of restraints on their main task of building up Britain's industrial supremacy that had started to take shape at the time. It is necessary to note that they had to be ruthless and ambitious in their quest to establish the nation's industrial supremacy. This provided chances for them to easily amass fortunes for themselves, which, in the end, clearly contradicted with their initial drive of having the project done for the greater good of the people. In this mindset, they sought to implement the laissez-faire doctrine in order to prevent the state from having any right to interfere with their business; under that doctrine's influence, the parliament proceeds were prompted to abolish all old protection of the workers described under the legislation (Broadberry, Campbell & van Leeuwen, 2012).
As the working population was mainly supported and depended on the new industrial development, the new movement or immigration of workers that were drawn from parish work across the country and overseas like Ireland was largely in demand in developing areas. Their labor and skills were needed at the mines, factories and furnace that were abundant at the time. At first, the working conditions at the factories for the foreign laborers as compared to the locals were considered favorable as most of the focus was on domestic industries and agriculture. However, with the expansion of the nation's large-scale industries, the country grew richer, but with the changes, it affected the condition of the workers, which grew worse mainly since they had no shares in the vast wealth that they helped the owners to create yearly.
This disadvantage to the workers came about as the new industry captains obtained their rights from government to control the workers totally. As they used their new attained power, this came to later be a real tragedy in history. With the freedom of the owners being independent from the government legislation, it helped them mitigate designs on effective ways of navigating issues like competition from the workers for job positions. It finally became possible for the labor forces to be recruited more cheaply from the local surplus of the agricultural laborers with the implemented discard of the legislation. This was all well until the depression set in that hit the former factory workers with the low agricultural laborers who had lower standards, and this made the latter be in a compromising situation since they could lose their job. In consequence, this forced the workers to intentionally fight for the available jobs, this condition involved the women competing with the men, local trained workers against the foreigners and even children competing against the adults. Longer hours and lower wages forced children to join work in the factories to be able to maintain their family income. Such conditions promoted child labor and overpopulation since most had to drop out of school to fend for the families.
The issue of overpopulation became an issue mainly in the towns around the eighteenth century as the immigration, industrialization, unplanned family sizes played a major part, and an example of this was Manchester, which was rapidly developing. The basis for what was coming to be known as the industrial revolution with Manchester being the primal site for its beginning. By the year 1821 to the year 1831, the highest growth rate was achieved, when there was a recording of almost 45 percent to the Manchester population. Manchester at this time was dominated by the cotton industry, and an approximation of the town's economic activity showed that almost 30 percent of the town was engaged in cotton production (Alford, 1988).
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A market economy that was rapidly opening and expanding was introduced into the local market economy mainly fueled by changes in colonial trade and holdings that in turn reverted back into the foreign trade system. Farming economy capitalization and agricultural changes were intertwined with the progress, the rate of peasants or poor people decreased, and the change was clearly visible, with evidently progressing revolutionary changes, which brought with it a world mass market that accelerated growth and increased demand for mass production of the Manchester made cotton.
For the small town, the cotton production not only meant nations exposure, but it also signified overseas trade since the importing was mainly due to the fact that the raw materials could never be home grown as in the ancient wool textile industries. African slave trade and the slave plantations of the West Indies were directly connected to the next stage, which was the overseas trading. These plantations gradually became the chief suppliers or sources of the raw materials and the major producers for Lancashire mills after 1790, which became the South American Slave states. Globally, main consumers emerged and controlled the market. .This dominance seemed limitless for England since it virtually controlled the trade not only through trade, but also through production globally.
Under these circumstances and such favorable conditions that were being presented with the new technology, the main advantage they highlighted was lowered costs of production and originally placed investment. In addition, the profit rates at that particular time were high and only growth rates came near in comparison. Billions in yards of cotton cloth annually were being produced by the mid of the century.
The introduction of the hand loom weaver affected the fate of the laborers at this particular time as they were replaced by the new technology. With the newly introduced form of spinning, the main issue lied in the fact that the mechanization and the involved stakeholders preferred their machines to be automated as opposed to being handled by human power. The introduction of the cotton mill factories to the world at that main period was a very new concept; it did not take long after 1815 for weaving to be the first known industry, and this made it be integrated into more factories for more automated mass production of cotton that was dominant alongside agriculture in the then national economy. The dominance was revealed in many divergent ways like through facts such as an approximate half of Britain's exports by the period 1830 were mainly from the cotton production. Another relevant fact is that all of the historical experiences that result from industrialization are in a sense still intertwined with the then urbanization process that was intensified by the demographic escalations as they resulted almost side by side reinforcing each other in that time.
The industrial discipline,termsofemployment,continualinsecurity, working terms and continual competition are not to be segregated in their effects as formative experiences, from the conditions of living in the evolving towns presented more unexpected challenges to the new comers and the initial residence. Issues like sanitary institutions, housing problems, welfare associations and lack of the latter were relevant challenges at that particular time affecting the already hard and unfair labor market mainly for the immigrants. As a minority group in this period, it was hard to find ways to cope and survive in this hostile new society being forged with the growth of industries that stemmed mainly from agriculture, trade and production as the main source of the nation's industries and economic fluctuations. From 1763 onwards presented a challenging era for Europe since it signified the time of major financial crisis in successions. Initially, such crises were met with quiet starvation, but with the awareness that came with the industrialization, the population used their large numbers to influence and rally for state and political reviews (Horrell, 2000).
In conclusion, the UK in the 18th century was the first country to successfully transit into industrialization. It had a dominant role in the global economy in the 19th century. The second industrial revolution in Germany and the United States in the late 19th century presented an increasing economic challenge, and the First and Second World War costs of fighting also played a significant part in the UK's relative position further weakening. In the world economy, it still maintained a significant role, such as knowledge economy and financial services. Currently, the UK economy is recovering from a recession that occurred in the 2007 to 2008 financial crisis.