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Beginning of Paper
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The Economic Underpinnings of the First Industrial Revolution in England
The manufacture of military munitions and the development of a home
market were critical underpinnings of the first industrial revolution in Britain.
Military manufacturing supported by the British Government contributed directly
to technological innovation and ....
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Middle of Paper
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.... specifically cotton for the home market. The growth of
the home market in Britain promoted industrialization in several ways. First, it
was a steady market which able to cushion the export market which was very
dynamic and had sudden fluctuations. This allowed a steady rate of growth even
when exports fell. Second, the home market started the process of urbanization
by causing people to leave the agricultural sector of the economy and move to
the cities to work in the cotton and textile factories. This urbanization had a
snowballing effect throughout the economy because it caused o ....
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SUBJECTS
