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Author Question: What is the likely reason for the Industrial Revolution to have started in Britain and not somewhere ... (Read 188 times)

madam-professor

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on: Jun 30, 2018
What is the likely reason for the Industrial Revolution to have started in Britain and not somewhere else?
 
  What will be an ideal response?

Question 2

Transfer payments include
 
  A) open market sales. B) Social Security.
  C) consumption taxes. D) dividends.


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mrphibs

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Reply #1 on: Jun 30, 2018
Answer to Question 1

The primary reason for why the Industrial Revolution started in Britain is that institutions in Britain were inclusive. Britain had a well-developed market system with private property rights. This improved profitability of businesses, and encouraged entrepreneurs to innovate. Britain also had a patent system that allowed the inventors of new technologies to protect their property rights not only in tangible assets but also in ideas. These institutional features of the British society were the key prerequisites for the industrial revolution.

Answer to Question 2

B


madam-professor

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Reply #2 on: Jun 30, 2018
Correct answers!


mrphibs

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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