04 British Revolution Industry and Labor

Lecture 4 British Revolution: Industry and Labor G reat britain launched modern industrial capitalism in the late 18 th century by combining a series of essential but previously uncoordinated economic and political institutions. In the political sphere, these institutional innovations included the basic liberties outlined in the Magna Carta and safeguarded by parliamentary democracy. In the economic sphereon which this lecture will concentratethey included trade finance, shipping insurance, and a corporate form of ownership facilitated by stock markets and public investors. Together, these developments helped propel Britain to become the first country in the world to create large factories and export its products to foreign markets.