MODERN BUSINESS in Comparative Perspective (EXAM PREPARATION) Essay - 1

MODERN BUSINESS in Comparative Perspective (EXAM PREPARATION) - Essay Example The population in the cities increased drastically. There was a widespread discontent between the rich and the poor. This triggered new reform movements. Due to the increase in American industry, many developments emerged and there was value for the American goods. In addition, due to the use of machines, workers were able to produce goods faster than they could when using hands. Moreover, the availability of natural resource played a big role in the rising of big business. In the UK, industrial revolution began in the late 1700. People manufacture goods in their homes using hand tools or basic machines. Industrialization led to the shift and there was mass production of goods. The development of the steam engine played important roles in ensuring there was an improvement in the transport, communication, and banking industry. It also brought about employment opportunities that led to the improvement of the living standards of the poor as well as the working class. Before industrialization, people used to live in the rural area practicing farming. The textile industry was transformed by industrialization that were made in people’s homes. It was difficult for merchants to regulate their own schedules in the manufacture of textiles thus resulting in numerous inefficiencies. In addition, the transport system was also advanced from the use of horse-drawn wagons to steam boat then later steam ships. Late or newly, industrialization refers to those countries whose level of economic development is between the developing and the first world classifications (Wyatt, 2009).  This means that these countries have moved from the agriculture based economy to the industrialized urban economy. Some of the countries that are industrialized include Germany, China, and Japan. The development of a the railway network fastened the transportation of goods from one