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The textile industry, based on cotton and flax, employed about half of the industrial workforce for much of the industrial period. Cheap and readily available coal attracted firms producing metals and glass, both of which required considerable amounts of coal, and so regions around coal fields became highly industrialised.
The Sillon industriel Industrial Valley , and in particular the Pays Noir around Charleroi , were the center of the steel industry until the s.
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The growth of industry soon brought to light the need for a better system of transportation. While canals and roads did improve, they were soon overshadowed by a means of transportation that held great promise: The railroads may have been that most important factor of the industrial revolution. Railways had existed as early as , but in s the primitive wooden rails were replaced with wrought iron.
These new rails enabled horses to pull even heavier loads with relative ease. But dependence on horsepower did not last for long. In , the first steam-powered locomotive pulled 10 tons of ore and 70 people at 5 miles per hour. This new technology improved dramatically; locomotives soon reached speeds of 50 miles per hour. While the railroads revolutionized transportation, they further contributed to the growth of the industrial revolution by causing a great increase in the demand for iron and coal.
Throughout the Middle Ages iron was smelted using charcoal, however in the eighteenth century, new methods of iron production were discovered; the resulting iron was of higher quality than ever before. These advances, such as the process developed by Henry Cort in the s, greatly encouraged the use of machinery in other industries.
Iron was so durable that it became the preferred metal for tools and equipment until displaced by steel after His invention used an air-blast produced by a fan run by a waterwheel. In , Henry Cort introduced the puddling, or reverberatory furnace, in which the final product was a pasty solid instead of a liquid. It was rolled into balls, squeezed and rolled to eliminate the impurities, or slag. The result was malleable iron in large quantities. The greatest of the early ironmasters, John Wilkinson — invented new machinery to process the iron.
In , the first cast-iron bridge was constructed across the Severn; in the first iron ship was launched. By , Britain was producing , tons of iron a year; the amount quadrupled a quarter-century later, with centers in Scotland, South Wales, and Staffordshire. Railway builders were the chief customer.
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In —48 they bought 3 million tons for rolling stock, bridge building, and station building for new miles, plus the demands of the previously built miles of railway. After the war, Germany was supposed to pay all of the war reparations according to the Treaty of Versailles. The policy angered the Germans and caused deep resentment, especially of the sort that the Nazis capitalized upon.
However the sums actually paid were not large, and were financed by loans from New York in the Dawes Plan.
Economic history of Europe
Payments ended in , but in the s West Germany did pay all the reparations. There was an overwhelming inflation in caused by the government's pumping out paper money. The reconstruction period was based on private investment and demand. The home front covers the activities of the civilians in a nation at war. World War II was a total war that was ultimately decided in the factories and workplaces of the Allies of World War II , which had a much better performance than the Axis powers.
Indeed, Germany and Japan depended as much or more on plunder of conquered territories than they did on their own production.
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Life on the home front during World War II was a significant part of the war effort for all participants and had a major impact on the outcome of the war. Governments became involved with new issues such as rationing, manpower allocation, home defense, evacuation in the face of air raids, and response to occupation by an enemy power.
The morale and psychology of the people responded to leadership and propaganda. Typically women were mobilized to an unprecedented degree.
The success in mobilizing economic output was a major factor in supporting combat operations. All of the powers involved had learned from their experiences on the Home front during World War I and tried to use its lessons and avoid its possible sources of error. The home front engaged in several activities to help the British army and navy, including taking down metal fences and gates to replace them with stone or wood.
The metal was then melted down, and used for battle ships or planes. The major powers devoted 50—61 percent of their total GDP to munitions production. The Allies produced about three times as much in munitions as the Axis powers. It played a major role in the economic recovery, modernization, and unification of Europe. It required each government to set up a national economic plan, and for the countries to cooperate in terms of financial and trade flows. The money was not a loan and there was no repayment. Washington spent such vast sums because it was believed to be cheaper than the rearmament that isolationism or rollback would entail.
In the long run, the logic went, a prosperous Europe would be more peaceful, and would make its main trading partner, the US, more prosperous.
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Stalin refused to allow any of his satellites to participate, the plan became exclusive to western Europe. However, the US extended a similar financial aid program to Japan at the same time. Historians reject the idea that it only miraculously revived Europe, since the evidence shows that a general recovery was already under way thanks to other aid programs, chiefly from the United States.
Historians also emphasize its political impact. The powerful combination of ERP and NATO gave Europe the assurance of America's commitment to the security and prosperity of Western Europe, and helped the recipients avoid the pessimism and despair that characterized the aftermath of World War I. The Marshall Plan thus created in Europe an unstoppable "revolution of rising expectations," the striking phrase coined in by Harlan Cleveland, an economist and senior ERP official.
Six European nations, Belgium, France, Germany, Italy, Luxembourg, and the Netherlands took a step toward economic integration with the formation of a common market of coal and steel. They formed the European Coal and Steel Community in The idea was to stream-line coal and steel production. A side-benefit would be economic interdependence.
Thereby, there would be less risk of Economic warfare or even a shooting war between the member nations. The decades from the s saw an economic decline in the output of the more developed nations of Europe, particularly in France and the UK. These nations' positions in output of refined raw materials, e. Several Asian nations made use of comparative advantage and specialized in producing certain goods, utilizing comparably cheaper labor forces.
First this occurred in Japan and the four " Asian Tigers " South Korea , Taiwan , Hong Kong and Singapore ; by the latter half of the s the shift of industrial production began occurring in the newly industrializing countries. First, the shift occurred in cheaper, lower technology products, such as textiles. Then, this shift occurred in higher-technology goods, such "durables" as refrigerators or automobiles. The shift of international industrial production out of Europe is a key outcome of globalization.
The Euro became the official currency of certain European Union members on January 1, The initial idea behind the Euro was that it eliminates exchange rates between European nations and makes currency fluctuation risks minimal. More European countries agreed to join the union in the following years; Slovenia , Cyprus and Malta , and Slovakia The criteria includes "a low and stable inflation, exchange rate stability and sound public finances.
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In assessing these processes, however, MacRaild and Martin make clear that most workers were not employed in manufacturing; indeed, the variegated nature of the labour market and the differing pace of change in different sectors of the economy are the book's key themes. There is also discussion of broader aspects of working-class culture, as well as politics and protest. Contents Machine derived contents note: Bibliographic record and links to related information available from the Library of Congress catalog Information from electronic data provided by the publisher.
May be incomplete or contain other coding. Notes Includes bibliographical references and index.
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