2min chapter

In Our Time cover image

The Industrial Revolution

In Our Time

CHAPTER

The Differences in Economic Change and Industrialization in Britain in the 18th Century

Britain has the biggest national debt in Europe because lenders trust the British state to pay their taxes back, and they do that because they trust the tax on manufacturing. There is a quantitative and qualitative difference in economic change and industrialization in Britain in the 18th century compared to not just the rest of Europe, but also Protestant Europe. By 1819, the national debt that's lending to government by British financiers, landowners, and actually foreign investors is three times national income.

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