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the word ‘knit', which entered the English language in the 1400s, can be traced to the Old English word ‘cnyttan', which meant ‘knot'. http://www.allaboutyou.com/craft/knitting/knitting-how-it-all-began-52451
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The first knitting machone was invented by William Lee, in 1589.
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In a circular knitting machine, a cam drum which controls control members co-operating with the needle cylinder is disposed coaxially with the cylinder. A program drum which advances as a function of the rotation of the needle cylinder is also coaxial with the needle cylinder. A rapid control mechanism acts on a ratchet toothed ring gear of the program drum to change the programmed cycle phases and to move it to a zero position, that is a cycle commencement position. http://www.google.com/paten
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Today, there are many different types of knitting machines! These include, spool knitting, flatbed, and sock-knitting machines. http://en.wikipedia.org/wiki/Knitting_machine