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‘INDUSTRIAL REVOLUTION’:-
KEY COMPONENTS
A) TECHNOLOGICAL INNOVATION:-
(i) SUBSTITUTION OF MACHINES FOR HUMAN SKILL
(ii) SUBSTITUTION OF INANIMATE POWER FOR HUMAN ND
ANIMAL FORCE
B) STRUCTURAL CHANGE
a) BANKS
c) TRANSPORT INFRASTRUCTURE
d) FORMAL EDUCATION
b) SHAREHOLDERS
THE EXCEPTION
ECONOMIC GROWTH