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The Industrial Revolution

In: Human Origins and Evolution in a Malthusian Economy

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  • Angus C. Chu
  • Pietro F. Peretto

Abstract

After the Neolithic Revolution, human society remained in an agricultural economy for over 10,000 years. However, in the late 18th and early 19th centuries, the Industrial Revolution (the transition from agriculture to industrial production that began with new modes of production, such as the factory, mass production, and mechanization, which greatly improved labor productivity) took place in Britain and then in continental Europe and the United States. “The past two hundred years, therefore, have been revolutionary: living standards have taken an unprecedented leap forward by every conceivable measure.” For example, per capita income in Western Europe was roughly $400 in 1000, $1000 in 1700, and $1200 in 1820. Then, it increased drastically to about $20,000 in 2000. Was this industrial transition of human society inevitable? If not, what are the different conditions that could have potentially made the industrial transition more or less likely to occur?…

Suggested Citation

  • Angus C. Chu & Pietro F. Peretto, 2025. "The Industrial Revolution," World Scientific Book Chapters, in: Human Origins and Evolution in a Malthusian Economy, chapter 7, pages 71-82, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781800617353_0007
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    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers

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