The industrial revolution in the other countries of the continent was somewhat delayed because their social structure was not as favourable to economic changes as that of Britain. In these countries the people did not possess the qualities of mobility, communication and co-operation.
The fragmented political boundaries and natural geographical obstacles also delayed the process of industrialization. On the other hand, England tried to maintain her dominant position by placing a ban on the export of machines and processes to other countries of Europe so that they may not be able to offer any competition to her.
However, despite these restrictions Belgium succeeded in industrializing by 1850’s and began to compete with the British goods. The favourable government policies, good transportation and Mable market conditions greatly helped Belgium in this respect.
France and Germany could achieve industrial development only after the mid-eighteenth century. This was rendered possible because for quite some time there was no major war in Europe and these powers could concentrate on improvement of transportation, technical education etc.
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They applied the English technological experience to their factories and tried to further improve upon it. The development of banking also greatly contributed to the acceleration of process of industrialization in countries of continent. These banking institutions provided the necessary capital for industries and assisted in high flow of credit.
It has been rightly observed by the authors of Civilization on Past and Present “After the Napoleonic wars, new banking houses appeared in major European cities to aid in supplying needed capital. The continental conflict had been a boon to bankers with international connections, and they were among the first to sense the great potential of the Industrial Revolution.
Firms such as Hope and Baring in London, the Rothschilds in Frankfurt, Paris, Vienna and London, and the numerous Swiss bankers were representative of the private bankers who had well-placed sources of information and intelligence.” In addition to this the banking system underwent a change.
As the demand for money increased, investment banks were formed to meet the needs of long-range capital and new institutions were chartered to fill the need for short-term credit.
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The significance of these banks was that the industrialists went to the middle classes to raise capital. They felt that more could be got from many small investors than from the few large bankers. The industrialists also went to the middle class to raise capital.
In Germany the formation of Zollvercin (customs union) under the leadership of Prussia greatly assisted in breaking the existing trade barriers among the various German States and provided a veritable German free trade market, which provided a fillip to industrial activities.
No wonder in the years after 1850 continent witnessed rapid industrial development. Some of the German and French countries like Krupp Works Germany and French Silk factories began to offer competition to the British goods.
The discovery of new materials, new chemicals and new means of communication in the last three decades of the nineteenth century also greatly contributed to industrial development in the continent.
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As a result of these discoveries they were able to overcome most of the problems which confronted them during the earlier phases of Industrial Revolution.
The introduction of electricity in everyday life and industry marked the beginning of a new phase of industrial revolution. The invention of dynamo, which changed mechanical energy into electrical energy, assured supply of electricity wherever necessary.
Soon electricity began to be used in industry, urban transport, lighting etc. Though the English took lead in applying electricity to home and industry but soon the Germans overtook them and evolved most advanced electronic technology.
Towards the close of the nineteenth century gas and oil began to be used in new internal combustion engines. In 1880’s the combustion engine was perfected by Gottlieb Daimler and made use of gasoline in extremely portable devices possible. In 1892 Rudolf Diesel invented an engine which used fuel instead of explosion.
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The beginning of the present century witnessed the emergence of passenger car industry and soon automobile industry emerged as a major economic enterprise in a number of countries like Russia, Italy, Germany, England, France, United States etc. Numerous other inventions were made which saved labour as well as money and greatly contributed to improvement of human life.