INDUSTRIAL REVOLUTION NOTES
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Definition: The greatly increased output of machine-made goods that began in England in the middle 1700s
Origins
a. Began in England
i. Large population
ii. Lots of natural resources
iii. Booming Economy
iv. Political Stability
b. Textile Industry – first to industrialize
i. Flying Shuttle
ii. Spinning Jenny
iii. Cotton Gin
c. Improvements in Transportation
i. Steam Engine/Locomotive
ii. Water Transportation
iii. Road Transportation
Urban Growth and the Social Impact of Industrialization
a. Urbanization - jobs were in the center of the city, more people living in cities
b. Poor living and working conditions
c. Class Tensions – gap between rich and poor
d. Crated Jobs, contributed to the wealth of nations, technology/progress, raised standard of living
Political and Economic Theories Emerge
a. Capitalism - an economic system based on private ownership of capital (laissez-faire)
b. Socialism - any of various economic and political theories advocating collective ownership and administration
of the means of production and distribution of good
c. Communism – An economic system in which the means of production are owned by the state (Karl Marx
wrote Communist Manifesto)