Where did capital come from , in chapter age of industrilisation
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Where did capital come from , in chapter age of industrilisation
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Where did capital come from , in chapter age of industrilisation
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Answer:
Before the Industrial Revolution
• Proto-industrialisation was a phase when there was large-scale industrial production for an international market which was not based on factories.
• Proto-industrial system was part of a network of commercial exchanges.
The Coming Up of the Factory
• By the 1730s, the earliest factories in England came up.
• The first symbol of the new era was cotton.
→ A series of inventions in the eighteenth century increased the efficacy of each step of the production process.
• Richard Arkwright created the cotton mill.
The Pace of Industrial Change
How rapid was the process of industrialisation?
• The most dynamic industries in Britain were clearly cotton and metals.
• The new industries could not easily displace traditional industries.
• Technological changes occurred slowly because:
→ The New technology was expensive.
→ The machines often broke down and repair was costly.
→ They were not as effective as their inventors and manufacturers claimed.
Hand Labour and Steam Power
• In Victorian Britain, there was no shortage of human labour.
• Therefore, industrialists did not want to introduce machines which required large capital investment.
• Many seasonal industries were also there who usually preferred hand labour.
• Handmade goods came to symbolize refinement and class
Life of the Workers
• Labours were available in abundance in the market which affected the lives of workers.
• After the busy season was over, workers became jobless.
• In the early nineteenth century, wages increased but the prices of goods also increased.
Industrialisation in the Colonies
The Age of Indian Textiles
• Before the age of machine industries, silk and cotton goods from India dominated the international market in textiles.
• A vibrant sea trade operated through the main pre-colonial ports.
What Happened to Weavers?
• After the East India Company established political power, they tried to eliminate the existing traders and brokers and establish a more direct control over the weaver.
• It appointed a paid servant called the gomastha to supervise weavers, collect supplies, and examine the quality of cloth.
→ Loans were provided for purchasing raw material for production.
→ The produced cloth was to be handed over to the gomastha.
• In many weaving villages there were reports of clashes between weavers and gomasthas because:
→ The new gomasthas were outsiders, with no long-term social link with the village.
→ The price weavers received from the Company was miserably low.
Manchester Comes to India
• As cotton industries developed in England, industrial groups pressurised the government to impose import duties on cotton textiles so that Manchester goods could sell in Britain without competition.
• Also, they persuaded the East India Company to sell British manufactures in Indian markets as well.
• Thus, cotton weavers in India faced two problems at the same time:
→ Their export market collapsed as market overloaded with Manchester imports.
→ Availability of lower cost cotton goods produced by machines.
• By the end of the nineteenth century, factories in India began production, flooding the market with machine-made goods which created a problem of weavers.
Factories Come Up
• In 1854, the first cotton mill in Bombay came up.
• In 1855, first jute mill in Bengal came up.
• By 1862, four cotton mills came up.
• In 1862, another jute mill came up.
• In the 1860s, the Elgin mill was started in Kanpur
• In 1861, the first cotton mill of Ahmadabad was set up.
• In 1874, the first spinning and weaving mill of Madras began production.
The Early Entrepreneurs
• In Bengal, Dwarkanath Tagore made his fortune in the China trade.
• In Bombay, Parsis like Dinshaw Petit and Jamsetjee Nusserwanjee Tata who built huge industrial empires in India.
• After colonial power came in power, Indian businessmen were barred from trading with Europe in manufactured goods