Abstract
Having a glance at the historical sites such as Bing Ma Yung, Great Wall, Forbidden City, watching movies of history about China, flipping pages of stories about ancient China, we can never deny that China was once the most powerful nations. Nevertheless, by the time we are soaking ourselves in these fairy tales, industrial revolutions in countries miles away awoke us: we are no longer the most affluence countries. Well developed private property rights and legal system has provided a superb environment for inventors. Industrial revolutions in UK have broken the dreams of many Chinese.
Highlights
UK and China in 18-19th century 18th – 19th century was the turning point in UK’s economy; it marks the beginning of modern time
“Commerce and manufactures can seldom flourish long in any state which does not enjoy a regular administration of justice, in which the people do not feel themselves secure in the possession of their property, in which the faith of contracts is not supported by law" (Smith, 2000) While Malthus perceived private property as the most important causes which determine the wealth of nation (Beaulier & Prychitko, 2006), this paper aims at reviewing the impact of patent on economic developments during industrial revolution
The end products of patents on the industrialization development are clearly demonstrated in the history of the steam engine, the major technological breakthrough which marks the beginning of industrial revolution
Summary
UK and China in 18-19th century 18th – 19th century was the turning point in UK’s economy; it marks the beginning of modern time. There were 2 phrases of modern inventions in UK. The first was dominated by coal, iron and steam which fell between 1700 and 1850. The second phrase was associated with steel, internal combustion engine and electricity started from 1850. Both two period of time demonstrated that advances in technology cannot by themselves lead to industrial growth. Can be achieved in short period of time if entrepreneurs have the willingness and ability to recognize and apply useful new ideas and inventions (Henderson, 1969). Pig-iron and raw-cotton increased greatly over the short period of time (Table 1)
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