Essay On Modern Service Economy

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A prevalent theme in western civilization is fundamental changes in the economy. Many changes in the economy have occurred throughout western civilization. This paper will focus on manufacturing during the Industrial Revolution and the modern service economy. The similarities and differences between the two will be explored. Throughout history, a countries power has been determined by the size and strength of its military and the power of its economy. Although a strong military is important, it would not be able to operate without a powerful economy. For example, in 1870, Great Britain was the leading power. This success was due to the industrial revolution and the technological advances of the time. Another example of a country being powerful due to economy is The United States. After World War II, The United States was the most powerful nation in the world. This was the case because the war boosted manufacturing and created more jobs. The boom caused by World War II ultimately brought The United States out of the Great Depression. Although the power of a nation has always been determined by its economy, there have been multiple fundamental changes in what the economy…show more content…
The Industrial Revolution would not have been possible without the technology that started it. The steam engine was a crucial part of the revolution. It was used in transportation, coal mines and most importantly, manufacturing. The steam engine revolutionized the way that goods were created. The speed at which goods were made along with the quality was improved. The change to the modern service economy was also influenced by technology. New technologies allowed automated machines to do the work of men more efficiently. This led to fewer jobs being needed in the manufacturing industry. The jobs were then transferred into service based jobs including healthcare, retail, and professional

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