Choose the below statement is true or false;

The expansion of world trade and the acquisition of Colonies in different parts of the world led to demand for goods even before the Industrial Revolution.

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Detailed Solution

The above statement is True.
There was extensive industrial output for a global market before factories appeared all over England and Europe. This was not based on factories. So, a lot of historians call this stage of industrialization "proto-industrialization." In the seventeenth and eighteenth centuries, urban European merchants relocated to the countryside, where they paid farmers and craftspeople to make goods for a global market. The demand for products started to increase with the growth of global trade and the establishment of colonies in various regions. However, retailers were unable to increase output within towns. This was due to the influence of the urban trade guilds. These were groups of producers who worked together to teach artisans, keep control over production, manage prices and competition, and prevent newcomers from entering the market. Different guilds received exclusive rights to produce and trade in various goods from the ruling class. As a result, it was challenging for new merchants to establish themselves in towns. They then looked towards the countryside.

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