What Caused the Industrial Revolution?

The term "innovationism" was coined to describe the phenomenon of rapid innovation and human prosperity. Who is credited with coining this term?

• Adam Smith

• Deirdre McCloskey

• Douglas North

• Thomas Edison

Before the 18th century, how would one generally characterize the economic and social conditions for most people?

• Rapidly advancing with significant technological breakthroughs.

• Marked by widespread prosperity and global trade.

• Relatively static with little change across generations and generally poor.

• Dominated by strong centralized governments promoting innovation.

According to Nobel economist Douglass North, which of the following was a crucial factor in fostering the expansion of specialization and trade, thereby fueling innovation?

• Improvements in public education systems.

• The discovery of abundant and inexpensive energy sources.

• The establishment of good institutions like secure property rights and non-corrupt courts.

• A shift in cultural values towards celebrating military conquests.

What did Deirdre McCloskey identify as the "vital spark" for the significant increase in innovation?

• The widespread availability of coal as an energy source.

• A change in societal attitudes that began to appreciate entrepreneurial innovators.

• The development of advanced manufacturing techniques.

• The expansion of colonial empires and new trade routes.