The Continuing Industrial Revolution: From 1500 to the Present Day

Technological advancements began to accelerate around 1500, leading to a series of events that laid the foundation for the Industrial Revolution. This marked the beginning of a transformation that continues to this day. Historians and economists have referred to this period by various names, such as the "Modern Period," which is further divided into the "Early Modern" and "Late Modern" periods, with the "Contemporary Period" following 1945.

From 1500 to 1945: The Modern Period

The period from 1500 to 1945 is often referred to as the Modern Period. This era is further subdivided into the Early Modern Period (around 1500 to 1815) and the Late Modern Period (around 1815 to 1945). The technological and economic transformations that occurred during this period set the stage for the Contemporary Period. An interesting perspective on this subject is found in Peter Mathias’s 'The First Industrial Nation: An Economic History of Britain 1700–1914' (1969).

The Barriers to Progress: Mercantilism and Bourgeois Revolutions

The Modern Period was marked by significant economic changes, such as the rise of mercantilism. During this period, the bourgeoisie gained greater economic power than the feudal lords, leading to various bourgeois revolutions. One of the key factors in this transformation was the development of new technologies and industrial processes that replaced traditional methods fashioned by custom and tradition. As Arnold Toynbee noted, a society that moves from allocating resources based on custom and tradition to allocating them through market mechanisms has undergone an industrial revolution.

The Industrial Revolution, therefore, was a process that continued despite various reactionary movements. These movements were often excuses for reducing economic freedoms and imposed significant restrictions on progress. Aristocratic arrogance, race bigotry, class bigotry, and religious bigotry all contributed to resistance against the Industrial Revolution. In some cases, this resistance took the form of direct anti-industrial bigotry that restricted human capacity to change the world.

A Monumental Transformation: The Steam Engine and Beyond

One of the most significant advancements that provided capital accumulation was the rise of the steam engine. The development of James Watt's improved steam engine brought about a revolution in transportation and manufacturing. Steam locomotives and naval transport became more efficient, enabling the movement of goods and people more quickly. Metallurgy also advanced, making it possible to produce stronger and more durable materials.

The industrial changes were not limited to manufacturing. Cartwright's power looms greatly increased the efficiency of textile production. By the 1850s, from 2,500 to 250,000 power looms were in operation, significantly reducing the time required to produce textiles. This massive scale of organization required a complex system of energy distribution, including the extraction and transport of coal and the construction of railways to connect coal mines to power plants.

Huge amounts of raw materials, such as cotton, guano, and nitrates, were imported to support these industries. For example, by the 1850s, the United Kingdom could import 580 million pounds of cotton annually, a drastic increase from just 2.5 million pounds in the early 19th century. This industry also drove the demand for land enclosures, pushing peasants off the land and into cities, thus increasing the labor force in urban areas.

The Global Impact of the Industrial Revolution

The impact of the Industrial Revolution extended far beyond the United Kingdom. The construction of canals, the use of then-state-of-the-art metal-bottomed boats, and the building of vast expanses of bridges facilitated the transportation of goods and people. The global population reached one billion around 1823, and the Oxford English Dictionary, first published in 1755, included the term 'working class' by 1823, reflecting the changing socio-economic landscape.

Peru's guano industry, which supplied important nutrients for the growing industrial bases, was valued at about ￡148 million in today's money. The demand for guano even led to Peru and Spain fighting over control of the guano-rich islands. The revolution brought about by steam power, guano, and the expansion of industrial operations was truly monumental and transformative.

In conclusion, the period from 1500 to the present is marked by a continuous industrial revolution that has reshaped human societies and economies. This process, driven by technological advancements and economic transformations, continues to influence the world today. The changes brought about by this revolution were not only profound but also significant in terms of their magnitude and impact.