1. Technological Innovations:
* Steam Engine: The introduction of the steam engine provided factories with a reliable and efficient source of power that could mechanize many tasks.
* Spinning Jenny and Power Loom: Innovations in textile machinery, such as the spinning jenny and power loom, dramatically increased productivity and output in the textile industry.
* Iron and Steel Production: Improved methods for iron and steel production led to advancements in mining, construction, and machinery manufacture.
2. Accumulation of Capital:
* Investment in technology: Early industrialists reinvested a significant portion of their profits into improving machinery and production methods, resulting in a self-sustaining cycle of industrial growth.
3. Availability of Resources:
* Large and Growing Population: The rapidly expanding population during the 18th and 19th centuries provided abundant labor for new factories.
* Natural Resources: Countries with access to plentiful sources of coal, iron ore, and other natural resources gained a competitive advantage during the Industrial Revolution.
4. Colonialism and Economic Expansion:
* Imperialism: Colonial empires established by European countries not only secured sources of raw materials but also increased the demand for manufactured goods in overseas markets.
5. Division of Labor and Specialization:
* Increased production efficiency: Adam Smith advocated for the division of labor and specialization, leading to increased productivity and higher levels of efficiency in production processes.
6. Infrastructure Development:
* Improvement in transportation: Investments in canals, roads, and railways expanded the scope of domestic and international trade and facilitated the movement of goods and resources.
7. Social and Cultural Shifts:
* Scientific Inquiry: New philosophies focusing on scientific discovery and rational empirical studies promoted a culture of innovation and experimentation.