The Industrial Revolution marks a turning point in history, modifying and influencing all aspects of daily life in one way or another. Both agricultural production and the nascent industry multiplied while production time decreased. After 1800, wealth and income per capita multiplied as it had never done in history, because until then GDP per capita had remained practically stagnant for centuries.
The introduction of James Watt's steam engine (patented in 1769) in the different industries, was the definitive step in the success of this revolution, since its use meant a spectacular increase in production capacity. Later, the development of ships and steam railways, as well as the development of the internal combustion engine and electric power in the second half of the 19th century, meant unprecedented technological progress.
No taxation without representation" is a political slogan originating during the 1700s that summarized one of 27 colonial grievances of the American colonists in the Thirteen Colonies, which was one of the major causes of the American Revolution.
When its charter expired in 1836, the Second Bank ended its operations as a national institution. It was reestablished as a commercial bank under the laws of Pennsylvania, where it continued to operate until its failure in 1841.
