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The factory system developed in the late eighteenth century, chiefly due to the advances being made in the textile industry. With inventions such as the flying shuttle, the spinning jenny, and many others, the making of cloth became much faster, and could be done on a much wider scale .
As a result of the Industrial Revolution, cotton became the worldâs most important non-food agricultural product-- and it remains so to this day. In the 1700s, cotton textiles had many production advantages over other types of cloth. The first textile factory in Great Britain was actually for making silk.orld Trade gradually increased in the centuries before the Industrial Revolution and provided European countries access to raw materials and a market for goods. It also increased wealth that could then be loaned by banks to finance more industrial expansion in an upward spiral of economic growth.