3 August 1792: Richard Arkwright, ‘Father of the Industrial Revolution’, dies
Richard Arkwright, barber turned textiles magnate, died on this day in 1792, having revolutionised the manufacture of cloth in England.
Richard Arkwright was born in 1732, the 13th child of a Preston tailor. He never went to school, but was taught by his cousin, became apprenticed to a barber, and set up shop in Bolton.
Then, thinking there would be more money in it, he started making wigs. He travelled around the country, doing deals and making contacts, and invented a waterproof wig dye that gave him enough money to get out of the wig game just as gentlemen's hairpieces went out of fashion.
At the time, an awful lot of people were trying to work out how to automate the manufacture of textiles. There were plenty of riches on offer to the man (or woman!) who could crack it. So Arkwright turned his attention to doing just that.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
He and a man called John Kay came up with a machine – the water frame – that could spin cotton in industrial amounts, cheaply and quickly, using unskilled labour. He built a water-powered mill in Cromford, a Derbyshire village, where he employed whole families, children included, housed in company accommodation. He expanded rapidly, and made extra money by licensing his patents to other manufacturers.
However, despite being credited with all sorts of inventions, he was dragged through the courts, accused of stealing the work of others.
Thomas Highs of Leigh (and others) sued him for infringing his patents. Highs claimed, among other things, that he had given John Kay his plans for a spinning machine for him to make a model, only for Kay to betray him and sell them to Arkwright.
Many of Arkwright's patents were overturned, but nevertheless, Highs died in obscurity and poverty in 1803, while Arkwright was knighted and entered the history books as the inventor of the modern factory system. He died on this day in 1792, leaving a fortune of £500,000.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
Ben studied modern languages at London University's Queen Mary College. After dabbling unhappily in local government finance for a while, he went to work for The Scotsman newspaper in Edinburgh. The launch of the paper's website, scotsman.com, in the early years of the dotcom craze, saw Ben move online to manage the Business and Motors channels before becoming deputy editor with responsibility for all aspects of online production for The Scotsman, Scotland on Sunday and the Edinburgh Evening News websites, along with the papers' Edinburgh Festivals website.
Ben joined MoneyWeek as website editor in 2008, just as the Great Financial Crisis was brewing. He has written extensively for the website and magazine, with a particular emphasis on alternative finance and fintech, including blockchain and bitcoin.
As an early adopter of bitcoin, Ben bought when the price was under $200, but went on to spend it all on foolish fripperies.
-
Energy bills to rise by 1.2% in January 2025
Energy bills are set to rise 1.2% in the New Year when the latest energy price cap comes into play, Ofgem has confirmed
By Dan McEvoy Published
-
Should you invest in Trainline?
Ticket seller Trainline offers a useful service – and good prospects for investors
By Dr Matthew Partridge Published
-
31 August 1957: the Federation of Malaya declares independence from the UK
Features On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
By Jasper Spires Published
-
13 April 1960: the first satellite navigation system is launched
Features On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
By Ben Judge Published
-
9 April 1838: National Gallery opens in Trafalgar Square
Features On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
By Ben Judge Published
-
3 March 1962: British Antarctic Territory is created
Features On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
By Chris Carter Published
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
By Chris Carter Last updated
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
By Ben Judge Last updated
-
8 March 1817: the New York Stock Exchange is formed
Features On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
By Chris Carter Last updated
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
By Ben Judge Last updated