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Is it true that cotton and metals were the two most active sectors in Britain during the first phase of industrialization?


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Detailed Solution

The above statement is true. Cotton and metals were the two most active sectors in Britain during the first phase of industrialization. Cotton was the dominant industry in the early stages of industrialization up until the 1840s. The iron and steel sector took the lead after that. The demand for iron and steel expanded dramatically as a result of the development of railways, which began in England in the 1840s and in the colonies in the 1860s. By 1873, Britain's iron and steel exports were valued at nearly 77 million, twice the amount of cotton it exported.
 
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Is it true that cotton and metals were the two most active sectors in Britain during the first phase of industrialization?