Political Stability

Political Stability was also a main factor behind the beginning of the First Industrial Revolution. After defeating the Spanish Armada, Britain had an increased amount of safety in relation to trade. Queen Elizabeth I sponsored many voyages of the infamous “sea dogs” led by Francis Drake to attack Spanish ships, in order to establish England higher on the power ladder, instilling a great deal of nationalism in the people. Economically, the perjury of the Spanish ships was very beneficial to England since those who sponsored the voyage reaped huge profits, ensuring the development of a relatively wealthy class to commence the revolution and cause a new middle class to form.

Elizabeth I had an impact on her successors, James I and Charles I, as well. Even if the slightest temptation of absolute monarchy arose for the later Kings, the strong merchant and wealthy classes resisted them. The Civil War and Commonwealth were the outcome of such tension. When Charles II and James II followed the same steps, the Glorious Revolution occurred in England , ending in the coronation of William and Mary as the monarchs of Great Britain . The will of the British to have a balanced political power that could allow change was a favorable condition for industry to flourish. William and Mary were rulers that cared, in a sense, about the common person, whose nationalistic and personal desire was a growth in England 's economy.

In the mid to late 1700s, England also became a main center of trade, primarily due to the foundation of its new National bank in the year 1694. John Locke, the advisor to the institution, encouraged the placing of money beyond the reach of just the monarchy. This investment, plus the support of a lot of government credit (made a lot by local tax collectors) London could rival places like Amsterdam as centers of trade. Reliable credit also helped induce insurance in Britain , securing traders and managers from potential losses – Lloyds of London was one of many organizations that arose.

Communications with internal trade posts also helped England 's economy, as exemplified by the Act of Union between England and Scotland in 1707. Large roads and effective communication were built so that England could have a place to export it's goods to, which was essential in the transfer of economy from primarily agrarian to manufacturing as well.

Source:

Robert Clark, University of East Anglia . “Industrial Revolution.” The Literary Encyclopedia. 10 Apr. 2007 . The Literary Dictionary Company. 6 January 6, 2006 . <http://www.litencyc.com/php/stopics.php?rec=true&UID=553>