Industrial Revolution

Capitalism

an economic system based on private ownership and on the investment of money in business ventures in order to make a profit

Communism

an economic system in which all means of production—land, mines, factories, railroads, and businesses—are owned by the people, private property does not exist, and all goods and services are shared equally.

Unions

an association of workers, formed to bargain for better working conditions and higher wages

Strikes

to refuse to work in order to force an employer to meet certain demands

Urbanization

The growth of cities and the migration of people into them

Industrialization

The development of industries for the machine production of good

Enclosures

One of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formerly worked by village farmers

Where did the Industrial Revolution begin?

The United Kingdom

Who was Adam Smith?

Scottish economist; he became the leading advocate of laissez faire economics and is considered by some to be the “father of modern economics. ” He wrote the first true text on economics, The Wealth of Nations, in 1776.

Who was Karl Marx?

German social philosopher and chief theorist of modern socialism and communism; he declared that as capitalism grew, more and more workers would become impoverished and miserable. He advocated for a state in which the workers own the means of production and govern themselves. Along with Friedrich Engels, he wrote the Communist Manifesto in 1848, explaining their philosophy.

What are the factors of production?

Land, labor, and capital

What were the first factories in England created to produce?

Textiles

What affect did the railroad have on England?

Railroads spurred industrial growth by giving manufacturers a cheap way to transport materials and finished products
Created more jobs for both railroad workers and miners
Boosted England's agricultural and fishing industries (transported products to distant cities
Made traveling easier and encouraged people in the country to take distant city jobs
People began to take trips for leisure

What was the Agricultural Revolution?

Wealthy landowners began buying up much of the land that village farmers had once worked. These large landowners created enclosures where they tried new farming methods. Farming methods improved and there were enough crops to feed everyone.

Who created the Spinning Jenny?

James Hargreves

What did the Spinning Jenny do?

Allowed one spinner to work eight threads at a time

How were children affected by the Industrial Revolution?

They worked long hours, in bad conditions, all for little pay. They would often have deformities or become disabled due to workplace accidents. They had to work long hours for little pay. They were often uneducated. Kids became sick with the black lung disease.

Why were so many children hired to work in the factories during this time period?

They were cheap labor and could do the jobs that required small hands and nimble fingers

What revolution led to the Industrial Revolution beginning in England?

The Agricultural Revolution

What invention helped transport goods across England by land?

Railroads/Steam Powered Locomotive

What economist believed in allowing supply and demand to control the market? He believed the government should stay out of business completely.

Adam Smith

What economist believed in the idea of communism where the government regulated
everything?

Karl Marx

Socialism

an economic system in which the factors of production are owned by the public and operate for the welfare of all.

What groups did workers join to try to get better wages and working conditions?

Unions

What new farming practices were created during the Agricultural Revolution?

Crop Rotation
Usage of the Seed Drill
Selective Breeding

Laissez-faire

the idea that the government should not interfere with or regulate industries and businesses.

What does Laissez-faire translate to?

French for “let do,” or “let people do as they please.”