were more than banks in the provinces, and over banks in London alone. The financial requirements to establish and maintain big industrial enterprises were met by these banks. The industrialisation that occurred in Britain from the 1780s to the 1850s is explained partly by the factors described above – many poor people from the villages available to work in towns; banks which could loan money to set up large industries; and a good transport network. The following pages will describe two new factors: a range of technological changes that increased production levels dramatically and a new transport network created by the construction of railways.
In both developments, if the dates are read carefully, one will notice that there is a gap of a few decades between the development and its widespread application . One must not assume that a new innovation in technology led to it being used in the industry immediately . Of the , inventions recorded in the eighteenth century, more than half were listed for the period - . These led to many changes.
We shall discuss the four major ones: the transformation of the iron industry, the spinning and weaving of cotton, the development of steam ‘power’ and the coming of the railways.