The Industrial Revolution is an essential event in the history of the human world. The Industrial Revolution is a reformation to a new manufacturing process in the United States and Europe between the time interval of 1760 to 1820 and continuing up to 1840 (Spear 2016). The shift incorporated moving from methods of hand production to machines, production of iron, manufacturing of new chemicals, rise in the use of water power and steam power, development of machine tools and the rise in the use of mechanised factory systems. The Industrial Revolution led to an unavoidable increase in the rate of growth of the population. The initial Industrial Revolution started in the country of Great Britain during the time of the 1700s to produce goods in high quantities with the help of innovation and machine manufacturing (Stearns 2020). This study focuses on the internal and external analysis of the event of the Industrial Revolution. The internal investigation of the event would be performed with the case study assignment help of SWOT analysis, and the external study would be undertaken with the support of PESTEL analysis.
The event of Industrial Revolution initiated in the Great Britain and spread throughout the whole world. However, the American Industrial Revolution is widely known as the Second Industrial Revolution between 1820 and 1870 (Horn 2016). The phase of the whole Industrial Revolution saw improvements in textile manufacturing, agriculture with evolution in incorporating railroads, power plants and steamships (Griffin 2018). The revolution has affected the cultural, social and economic environment worldwide (Philbeck and Davis 2018). Thus, it can be understood that Industrial Revolution is an essential topic in the history of humanity. It is necessary to understand the strengths, weaknesses, opportunities and threats of the event to bring in more such revolutions in the future to improve the growth of the economy. Furthermore, the political, economic, social, technological, environmental, and legal factors are essential to understand the cause of the event and how such factors can give rise to future revolutions. All the aspects of the event need to be examined to reach the correct analysis. you can access our essay plagiarism checker for a glitch-free experience.
The Industrial Revolution occurred almost 200 years ago. However, the period has left profound impacts on the lifestyle of people and the evolution of business. The system of factories that developed during the Industrial Revolution is the primary cause of capitalism in the present world and the modern cities of the society (Mokyr 2018). Before the industrial revolution, most of the people around the world, including the citizens of America, earned their livelihood with the help of farming and sustaining in rural regions. After the advancement in factories, individuals of the society started working in factories and organisations in the urban area for the first time in history (Hartwell 2017). However, people's wages were considerably less, and the people's sustaining conditions were very harsh. Despite the lesser salary, working for a business paid better amounts than farming. The efficiency in the production of commodities improved. The steam engine Revolution is an example of the industrial revolution (De Pleijt, Nuvolari and Weisdorf 2020). The steam engine decreased the time required to manufacture different products. More production efficiency would reduce the price of products considerably, opening the door of the market to new customers.
The SWOT analysis includes strengths, weaknesses, opportunities and threats of the event.
PESTEL analysis is used to understand the external factors responsible for or influenced by the industrial revolution.
These are the general facts of the PESTEL analysis that has affected the Industrial Revolution and would help in further revolutions for worldwide growth.
The Industrial Revolution has enhanced the growth of the economy by bringing in innovations in technology. It has also increased the mode of trade and commerce and has improved the job opportunities for people. This has led to a rise in household income. The economy of different countries has seen considerable growth due to the industrial revolution. However, the industrial revolution has also faced some drawbacks that harmed the sustainability of the worldwide economy. The benefits of the industrial revolution did not reach the whole world. The workers were forced to work at a lower wage and for long hours. The industrial revolution is also the primary source of global warming. Fossil fuel was an essential component of the industrial revolution that has affected air quality. Hence, the countries should consider all these facts before bringing in further processes.
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