The Industrial Revolution is one of the most critical events in the history of humanity. It is not just about development in the industrial realm, but an expansion in the economy which commenced in the 16th century. The period was marked by major inventions, which all had their genesis in Britain (Allen 357). Historians have come up with many explanations indicating why the events emanated in Britain. Interplay of market forces and demography of the country served as the basis for the economic influence in the wake of industrialization in the mid-18th century.
The demographic reality of England played out as the source of the supply of labor critical for achievement of the inventions. In fact, no invention could have become possible without adequate supply of labor. However, the supply of labor played a reverse role in the development that took place in the country. At the time, the wage labor was extremely expensive compared to other countries such as China which had labor in abundance. Despite the increase in the population in England, the cost of labor did not go down as would be expected. In fact, the cost of labor fueled the need for capital and energy substitutions creating the economic incentive for the invention of technology (Allen 358). At the time, major inventions took place, including the steam engine, the spinning jenny, and coke smelting among many others. The demand for the new technology became the building block for the industrial revolution.
The success of England in terms of the economy allowed the invention in technology to be effective and successful. The demand and supply for technology would not have been possible if the country did not have the economic might to invent. In the 18th century, England had the underlying factors to achieve success in the economy, which set it apart as the grounds of the industrial developments (Allen16). The people in the country had a culture that set them apart from those in other nations in the world. They were an industrious lot, which allowed them the chance to make a huge contribution to the economy. Besides the wage, the country also had an exceptional price structure, placing it in a unique place than other countries.
While the cost of wages was high, the prices of energy and capital were very low. The setting provided the fertile grounds for the businesses in the country to invent in terms of technology. It was necessary for the country to substitute the high cost of wage with energy and capital. Indeed, technology became the basis for capital, which would be used by the industries to create more goods and discover further. It also offered the grounds for development of more skills and literacy, further motivating the cycle for invention and innovation. At the same time, the social and political structures were well suited to the achievement of growth-enhancing institutional innovation, another nexus for economic advancement (Chaney 2).
From the analysis of the diverse factors that led England to be the basis for industrial revolution, it can be concluded that the country became the source of innovation because it was the only nation that would, at the time, profit from invention and innovation. There were major economic incentives in the country, unlike in any other that led to the industrialization process.