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The Industrial Revolution brought fundamental changes in the British way of life. Scientific innovations and technological improvements contributed to the advancement of agriculture, industry, shipping and trade and to the expansion of the economy. With the increase of capital and the need for credit, banking developed not only in London but also in the countryside. Industrialists, shipbuilders, merchants and other private manufacturers established provincial banks and issued paper money in the form of bills of exchange and notes, primarily in order to provide payment for labour and for the purchase of raw materials.
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