TRADE

DURING THE INDUSTRIAL

REVOLUTION

The international and domestic trading of manufactured goods, especially

cotton textile, played an indispensable role towards the progress of the
Industrial Revolution during the 19th century. Trade, combined with the
assistance of vastly more efficient transport and manufacturing, generated
capital and resulted in an urbanized society which became the basis for
massive growth and an overall bolstered economy for Britain. Additionally,
the rapidly expanding trade overseas would cause Britain to actively seek
political and economic expansion, resulting in a surge in the popularity of
entrepreneurship and acceptance of capitalistic ideas. This is further
explored through historian Joel Mokyrs book The Economics of the Industrial
Revolution and Professor Nicholas Crafts article documenting his research
findings, titled The Industrial Revolution: Economic Growth in Britain, 17601860. Trade was without a doubt a crucial factor towards the advancement
of the Industrial Revolution.

The trading of cotton textile, valuable commodities and raw materials, during
the industrial revolution, played a large role in creating a path for capital
investment in more efficient technology and inventions. Cotton textile
trading was easily a major driving force of trade during the 19th century
producing a stronger economy. In his book, Joel Mokyr states, Cotton was
one of the industries with the fastest productivity growth making it possible
for Britain to import and sell certain commodities [and raw materials] which
it could not produce at home through foreign markets. In saying this, Mokyr
shows that foreign trade was vital to the success of Britains massive
production of cotton. Allowing Britain to not only experience a variety of
commodities and raw materials such as sugar and raw cotton but also able
to sell these valuable items domestically, producing a huge surge of
economic growth. Professor Crafts corroborated this success of the cotton
textile trade in his article. Crafts stated the production of cotton textile grew
at a rate 9.7 percent per year from 1780 to 1801. Through this Crafts,
shows the tremendous increase of over six-fold in cotton production from
1780 into the 19th century, displaying the huge demands for the cotton.
Crafts further explained that Britains rapid growth nationwide created a
large demand for more efficient ways of producing cotton. As a result, the
social class of entrepreneurs and inventors emerged. The huge increase of
wealth in Britain sparked an acceptance of capitalistic ideas which would

enable private investors and national banks to invest and fund these
entrepreneurs and inventors, who would go on to create technology such as
John Kay's flying shuttle, which would forever transform the cotton industry
into an immensely more productive business. The trading of cotton textiles
played a vital role in creating capital and strengthening the economy of
Britain. Leading to the much demanded invention of vastly more productive
machinery: machinery which truly defined the industrial revolution during the
19th century - a cultural and economic shift from traditional manual labour to
the industrialized use of complex and superior machinery.
Furthermore, the stronger economy of Britain became a very enticing option
for many people who lived in rural regions. Consequently, the exponential
increase in population and urbanization of Britain led to an immense growth
in labour supply as many people previously residing in rural areas began to
migrate to find work in the city. This growth in labour supply allowed
industries to expand and consequently, able to mass-produce manufactured
goods. Joel Mokyr describes the population growth as a "very positive factor
in the growth of modern industry [, ] a source of wealth for the nation.
Mokyr shows that the urbanization of Britain as a result of trade has brought
a source of capital and economic stability. The aspect of industrial prosperity
is also explored by historian, Christopher Trueman, who documented a
dramatic increase in the worth of cotton and wool during this period of mass
production. In his research, he showcased the monetary value of the wool
and cotton of Britain experienced an increase of approximately 40 million
euros total. This huge spike in Britain's economy "enabled a vast increase in
capital investment" towards technological advancements and innovations
such as the James Watts steam engine that led to revolutionary changes in
transportation and steam power. The urbanization of Britain during the 19th
century created an immense growth in labour supply. Resulting in a vast
multitude of goods to become produced, further stabilizing Britain's
economy, enabling larger numbers of investors to invest in various industries
and entrepreneurs.
To conclude, many factors became involved in assisting the progress of the
industrial revolution during the 19th century. However, trade was undeniably
of the most paramount in the progress of the revolution. As delineated by
Joel Mokyr and Nicholas Crafts, without the success of cotton trade, Britain's
brightest entrepreneurs would not have received the funding and exposure
necessary to publicize machinery such as the spinning jenny and the steam
engine. Hence, would not have been mass-produced and widely used, like it
had during the 19th century. Additionally to this, the urbanization of Britain
enabled many merchants to invest further in industries and entrepreneurs.
The international and domestic trading of manufactured goods truly played

an indispensable role towards the progress of the industrial revolution in the

19th century.