GEOG-130 Lecture Notes - Lecture 27: Industrial Revolution
Document Summary
Industrial revolution: a series of improvements in industrial technology that transformed the process of manufacturing goods. The revolution in industrial technology created an unprecedented expansion in productivity, resulting in substantially higher standards of living. Began in great britain in the mid to late 1700s. With more money people will spend more money, without much money people won"t spend it much. Not too much money (money isn"t worthless like in venezuela) Money must be backed up (ours is theoretically backed up with gold) If people asked for cash equivalent at bank there wouldn"t be enough money. Confidence: we are told out currency works, and so we believe it. World"s first bridge made entirely of cast iron, constructed in late. In early 1800s, innovations diffused into mainland europe. Location criteria: proximity to coal fields connection via water to a port flow of capital. In late 1800s, innovations diffused to some regions without coal. Some in northern europe (sweden, finland, norway)
