Flashcards in Chapter 25 Review sheet Deck (46):
Mid-1700s. Output of machine made goods. It began in England.
Larger fields > productive seeding / harvesting methods improved
three field system, build up nutrients
Industrialization refers to the process of using machines in the production of goods.
Factors of Production
Land, labor, and capital ($). Resources needed to produce goods & services.
Buildings equipped with machines that are used for production
An entrepreneur is a person who organizes, manages, and takes the risk of owning a business.
Goods were made by hand in homes
A time of rapid movement of people to the cities.
Social class (Bourgeoisie) made up of skilled workers.
A right of ownership to a publicly owned corporation or business.
A business owned by stockholders who share in its profits but are not personally responsible for its debts.
An economic policy (theory) stressing an unregulated free market. "Let Do" "Let people do as they please."
Factors of production, privately owned
Factors of production are operated for the good of all
Usefulness; good for the greatest number of people.
Government controls everything
Association of workers formed to improve working conditions / pay.
A refuse to work until demands are met
1733 - flying shuttle
1764 - spinning wheel / jenny
1769 - Water frame
1779 - Spinning Mule, which combined the Spinning Jenny and the Water Frame. Stronger thread
1787 - power loom which was run by water and did the fastest weaving of it's time.
(1810-1865) Gaskell wrote "Mary Barton" - sympathized with the working class
1832 Testified before the British Parliament - deformed at 23 years old
John D. Rockefeller
Founded Standard Oil
Founded Carnegie Steel
Wealth of Nations - law of self interest - law of competition - law of supply and demand
John Stuart Mill
questioned unregulated capitalism
British factory owner, improved working conditions
Wrote "The Communist Manifesto". (father of socialism)
Cottage Industry vs. Machine Driven Industry
Cottage Industries were run out of an individuals home.
Machine Driven Industries were run out of a factory.
Improvements in agriculture that led to the Industrial Revolution.
Agricultural improvements that led to the Industrial Revolution were:
+++ Enclosures (fenced in farm land)
+++ Crop Rotation
+++ Better livestock breeding
Reasons why the Industrial Revolution began in Britain.
Britain was a perfect place for the Industrial Revolution to begin. Britain had these things:
+++ Water (rivers) and Coal to power new machines.
+++ Iron ore for manufacturing tools & machines.
+++ Rivers for transporting goods across the country.
+++ Harbors for sailing merchant ships to enter and leave from.
Cycle of invention: the textile industry.
more raw materials - more workers - more products - more wages - need for more products
Steam: revolutionizing transportation
Steam made these things possible:
+++ transporting materials & finished product
+++ transporting fish & farm products
+++ travel for people for jobs (like miners)
+++ new jobs for people to build railroads
"Mixed Blessing" of the Industrial Revolution
-free public schools -water/air pollution
-extra money to spend -waste/sewage
-child labor outlawed -land torn up
Working & Living conditions for industrial laborers.
-breathe in cotton dust -houses with broken
-unsafe machinery windows patched w/rags
-badly lit factories -2-3 families per house
-no shoes -garbage emptied in streets
Positive and Long-Term effects of the Industrial Revolution
-healthier diets -affordable goods
-better housing -living/working conditions
-raised standard of living improved
-provided hope/improvement -profits reduced tax revenue
-standard of living
Obstacles to industrial progress in continental Europe
Some of the obstacles to industrialization across continental Europe were:
Germany - Political, economic barriers,
France - Revolutions & Napoleonic Wars
US - Civil War
-halted trade / interrupted communication
Spread of Industrialization across Continental Europe
Belgium = took ideas from Britain
Adam Smith's 3 Laws of Capitalism
Adam Smith wrote the book "The Wealth of Nations". He said that there are 3 laws of capitalism which are:
Law of Self - people work for own good
Law of Competition - makes products better
Law of Supply/Demand - goods produced will meet market demand at lowest possible price to meet demand
Types of socialism: Utilitarianism, Utopian, & Socialism
-worth what you can do
-equal division of profits
-all factories owned by government
Major reforms of the Factory Acts
1833 - illegal to hire children under 9 years old
- children 9-12 could not work more than 8 hr/day
1842 -women/children allowed to work underground.
1847 -women and children can work no more than 10 hrs/day.