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sharonfaith30 sharonfaith30
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What is the likely reason that the Industrial Revolution started in Britain and not somewhere else?
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Macroeconomics


Edition: 3rd
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djl4909djl4909
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The primary reason the Industrial Revolution started in Britain is that institutions in Britain were inclusive. Britain had a well-developed market system with private property rights. This improved the profitability of businesses and encouraged entrepreneurs to innovate. Britain also had a patent system that allowed the inventors of new technologies to protect their property rights not only in tangible assets but also in ideas. These institutional features of the British society were the key prerequisites for the Industrial Revolution.

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