The First and Second Industrial Revolutions

Bank of England

Helped provide loans to businesses at set interests rates

Colonalism

Colonies provided a constant buyer of goods and they had places such as india + the Caribbean to extract goods from

Adam Smith

Wrote “Wealth of Nations” advocating for a free trade economy, pro industrial Rev and private property promotes individual development

Thomas Malthus

Wrote “Principal of Population” he was an economist known for his theory on population growth, arguing that population increases will outpace food supply, leading to famine and war

David Ricardo

Wrote “Principals of political economy and Taxation” and intr(no free trade) oduced the theory of comparative advantage, emphasizing the benefits of free trade

Fredrick list

Wrote “National System of Political Economy” was against a free trade system when economy was bigger and more successful

Putting-Out System

A production system prevalent before the Industrial Revolution where goods were produced in households rather than factories, allowing for flexibility and lower costs

Factory System

A method of manufacturing that emerged during the Industrial Revolution, characterized by centralized production in large facilities with machinery, leading to increased efficiency and output, had horrible working conditions and lead to many deaths

Steam Power

Created by Thomas Newcome in 1712, used to drain mines of water, helped England make things faster with Cotton, was perfected by James Wyatt where it limited the amount of coal per usage

Abraham Darby

Use of coke smelting in iron production, enhancing efficiency and quality

Henry Cout

Created the Pudding Iron, used pig iron to create wrought iron, caused rise of transportation and stronger buildings

John Kay

Created the flying shuttle, which allowed a single person running one machine

Richard Arkwright

Father of the factory system, used running water to power spinning machines, could operate ninety six machines at once,

Eli Whitney

An American inventor best known for creating the cotton gin in 1793, a machine that revolutionized the cotton industry by significantly expediting the process of separating cotton fibers from seeds. Whitney's invention increased cotton production rates, thereby boosting the economy of the southern United States. He also contributed to the development of interchangeable parts in manufacturing, laying the groundwork for modern assembly line production

Samuel Slater

Father of the American factory system

Luddites

A group of skilled workers (being replaced by machines) who destroyed factories as their form of protest, in which the military attempted to suppress

Richard trevithick

Created the steam locomotive, which was used to transport resources

George Steven

Created the “Rocket” which transported people from place to place

Great Exhibition

England’s showcase of industrial power

Crystal Palace

Represented the prestige of industry and english performance

Effects of the Industrial Revolution

The Enclosure acts, agriculture rev, factory System, and population growth

Edwin Chadwick

Architect of the poor law act

Public Health Act

created framework of local gov agencies dedicated to sewage keepup

Chartists

Working class movement seeking to reform through politics

Newport uprising

Chartists were arrested for protesting for rights, leaders were executed

Henri-de saint simon

“love your neighbor as yourself” believed in women’s rights, ownership of goods

Robert Owen

Father of british socialism, advocated for health care, shorter hours, and free education.

Friedrich Engels

Promoted the change for conditions of working class to Karl Marx

Communist manifesto

Developed dialectic materialism, arguing history is shaped through class struggle, are opposed to bourgeoise, wrote as outline for institution of communion, created by Karl Marx

August Bebel

Pure marxist theorist, advocated for worker revelation to usher in communist party socialistic communist

Edward Berstein

Evolutionary socialism, move away from capitalism