What role did monetary and precious metals play in the Industrial Revolution?

Precious metals and tangible money were important during the Industrial Revolution.  Money was vital to the world economy.  Additionally, some metals were used for new products that were manufactured.  Specifically, iron played a major role in the steel industry.  These metals were also used as the actual value of paper money.  This made them key exports of many nations, boosting their economies.  World powers such as China demanded metals in order to use as currency.  Additionally, wages were commonly paid in the form of money, as opposed to housing and protection.  This would change employment for the rest of history.


Source:
"Industrialization and Global Capitalism (1750-1900 CE)." Resources for History         Teachers. Tangient LLC, n.d. Web. 25 Mar. 2014.