How did the industrial revolution change the worlds economy

The Industrial Revolution was the transition to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, improved efficiency of water power, the increasing use of steam power, the development of machine tools and the rise of the factory system. Textiles were the dominant industry of the Industrial Revolution in terms of employment, value of output and capital invested; the textile industry was also the first to use modern production methods.[1] The Industrial Revolution began in Great Britain and most of the important technological innovations were British. The social, economic and political changes in the previous centuries in Great Britain contributed. Whereas absolutism stayed the normal form of power execution through most parts of Europe, institutions ensured property rights and political safety to the people in the UK after the Glorious Revolution of 1688. Aided by these legal and cultural foundations, an entrepreneurial spirit and consumer revolution drove industrialisation in Britain, which would be emulated in countries around the world.[2] A change in marrying patterns to getting married later made people able to accumulate more human capital during their youth, thereby encouraging economic development.[3]

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