Some countries have established institutions that form a good breeding ground for education, savings and technological progress – or they have simply been blessed with a culture or a geography that has formed a productive environment.
Before the Industrial Revolution there were only very small differences in countries' prosperity.
But the revolution brought with it a shift to mechanised production, which resulted in great increases in productivity and efficiency.
With this revolution, it was mainly European countries that saw massive increases in their production output. Today these countries are way ahead of certain other countries in the world.
This difference in the timing of the Industrial Revolution can explain much of the difference between rich and poor countries today. It is therefore interesting to study factors affecting the timing of the Industrial Revolution.
The Industrial Revolution was a period from 1750 to 1850 in which changes in agriculture, manufacturing, mining, transportation, and technology had a profound effect on the social, economic and cultural conditions of the times. It started in the UK, then subsequently spread throughout Western Europe, North America, Japan, and eventually the rest of the world.
The industrialisation process in the rest of Western Europe and the United States after 1870 has been termed 'the second Industrial Revolution'.
Poverty is still the biggest problem the world faces from day to day. Every country suffers from it to some degree, however certain places are greater effected than others. This is because the level of economic growth differs from country to country. The greater amount of growth the less room there is for poverty. This is simple reason why some countries are richer than others
