Industrial Revolution Outline
Industrial Revolution Outline
The
help
for
Why Britain?
Why
I. Natural Resources Abound
A. Rivers
1. Provided water power and the building of
canals
B. Natural Ports
1. Facilitated foreign trade
C. Coal
1. Provided power to run steam engines
D. Iron
1. Provided materials to build new machines
II. The Effects of Demand and Capital
A. Businesses
1. Britain had skilled mechanics
2. Britain had demand for products
3. Need money
B. Capitalism made by overseas trade (Britain was trading empire)
1. Enterprises were invested in
2. Invest capital in ventures and enterprise
C. Government
1. Britain had great government that supported economic growth
a) No river tolls many other countries had
b) Built navy to protect trade
2. Upper class didnt look down on business people, they welcomed the wealth of the
entrepreneurs
a) Entrepreneurs: People who managed and assume financial risks when starting
business
The Textile Industry Advances
Industrial revolution developed initially in the textile industrial, a major British industry.
Merchants organized cotton clothes industry with putting-out systems, where cottons where
given to peasant families to work on and finished by artisans and dyed later on.
I. Inventions Speed Production
A. Putting out system was slow and ineffective; the demand for clothes grew
B. Inventions in Britain solve the problem
1. John Kay made flying shuttle that sped up weavers
2. James Hargreaves produced spinning jenny, speeding up spinner
3. Richard Arkwright invented water frame, allowing spinners to be ran by water
C. Inventions in America helped Textile industry
1. Eli Whitney developed cotton gin which separated cotton from the seeds, allowing
more raw cotton to be shipped to Britain to be processed
Coal
Steam engine + Iron
Locomotives + new machines, bridges
Helped transportation
Foreign trade
Capitalism
Entrepreneurs invested in
New industries: Build turnpikes, canals, consumer goods
A. Government
B. Navy+Patents, free ideas
C. Foreign trade+ Inventions, entrepreneurs
A. Inventions
B. Increase Quantity (cheaper goods+more goods) and Quality
C. Affordable by people, increasing demand+Meet consumer demand for goods
B. Reforms
1. Factory Acts
2. Children
a) Shorter than 12 hour work day
b) No children under 8-9 can work
c) Have to be educated
3. Women
a) Shorten work days
4. Inspectors inspect factories to enforce laws
The Results of Industrialization
I. Curse
A. Harsh working conditions, hardships
B. Later Improvements
1. Reforms were passed later on
2. Unions can involve in wages, working conditions, working hours
3. Men can vote
II. Benefit
A. More factories opened- more jobs
B. Wage rose- leftover money to buy news papers, visit music hall
C. Train ticket prices lowered- visit faraway family
Section 4: New Ways of Thinking
Thomas Malthus is one of many who tried to understand the changes of the Industrial
Revolution, and looked for natural laws that governed business and economics.
Laissez-Faire Economics
Laissez-Faire economics was supported by physiocrats during the enlightenment, in which
government should not control the economy. According to the philosophy, the economy will take
care of itself. Adam Smith, who wrote the Wealth of Nations, has the same belief; according to
hime, the economy will naturally benefit everyone, where the price will naturally come down and
everyone will be able to afford consumer products. His belief is supported as shown in the
success of the Industrial Revolution, which is free from government interference.
I. Malthus Holds Bleak View
A. Thomas Malthus- Laissez-Faire economists
B. Believed that population boom would eventually outpace the food supply
1. Natural ways to limit population
a) Famine
b) War
c) Disease
C. People believed in his theory at first, but eventually his theories turned out wrong
D. Food supply later grew faster, while as people became more wealthy, they had less
children
II. Ricardo Shares View
A. David Ricardo- another Laissez-Faire economist
1. Economics became the dismal science due to gloomy predictions of economists
B. Believed that wage increase is futile
1. Wage increase cause people to have more children
2. People did not have more money
C. Thomas Malthus and David Ricardo
1. Believed that government should not interfere to help the poor
2. People should work hard by themselves
3. Free market would help them
Utilitarians For Limited Government
I. Jeremy Bentham believed in
A. Utilitarianism- the idea that the goal of society should be the greatest happiness for the
greatest number of its
citizens
B. Individual freedom
C. Sometimes, government
should involve
II. John Stuart Mill was influenced
by Jeremy Bentham
A. Believed that individual has
freedom under the
circumstance that the
freedom doesnt harm
anyone
B. Government should help
working class if middle class
factory owners are hurting working class for their benefits
C. Voting rights should be given to workers and men to influence and pressure for reforms
1. Supported by middle class only later on
2. Inspires todays democratic government
Socialist Thought Emerges
Some focused on laissez faire, while other believed industrial capitalism drives the growing gulf
between the rich and poor. They believe in socialism, where people as a whole own and operate
the means of production (farm, factory, railways, and other large business)
I. Are Utopians Dreamers?
A. Socialists established their own communities, where work was shared and property was
owned by everyone
B. Believe that since everyone have equal wealth, theres not fighting