Download Industrial Revolution Cheat Sheet and more Slides History in PDF only on Docsity! Industrial Revolution Cheat Sheet Effects of Agricultural Revolution (Agrarian Revolution): (New farming technologies/practices) Increased farm/food productivity (This must happen before a country industrializes) ▪ Seed Drill-Jethro Tull ▪ Townshend Crop Rotation Increased life expectancy (for middle & wealthy classes) Increased population Allows Industrial Revolution to Begin in England ▪ England 1st: irregular coastline, plentiful natural resources, large labor supply, lots of capital ($) ● Sufficient (Plenty) coal and iron ore reserves and a good transportation system Industrial Revolution: (depended on technological developments) Shift from man-made/domestic system Introduction of factory system Demand for goods increased as goods became cheaper to produce “evils” of factory system lead to government regulation, reforms and labor unions Railroads helped promote the factory system and urbanization (growth of cities) ▪ Urbanization and industrialization prompts changes in traditional beliefs and customs A growing and influential middle class emerges (increased social mobility) Economic Change Capitalism (U.S.A) ▪ (Free) Market system—prices based on supply and demand, motivated by profit ▪ Democratic Government—people are the source of gov’t power ▪ Entrepreneurs—business people willing to risk their own money for profit Freedom to Pursue self-interest in a free market economy ▪ Private property/business ownership ▪ Class system (A growing middle class) ▪ Early Capitalism=Laissez fair capitalism (supported by Adam Smith in his book, Wealth of Nations)—minimal government involvement in business practices—let the market/owners make the economic decisions ● Examples—free trade, no minimum wage or gov’t regulation (that comes later) o Social Darwinism—theory used to support capitalism ▪ Survival of the fittest ▪ upward social mobility and work ethic are closely related ▪ individuals should succeed through their own efforts Socialism—(Democratic Socialist Countries today: France, England, Canada) ▪ Usually democratic government ▪ Much of Business is controlled by society as a whole/gov’t control of business ▪ Brought on by evils of Industrialization/factory system ▪ May have private ownership and classes ▪ Robert Owen & Jeremy Bentham=Utilitarians-greatest good for greatest number (early socialists) ▪ Malthus-population will outgrow food supply, famine, disease and war are natural checks on population. ▪ David Ricardo-iron law of wages
