Industrial revolution study guide

Capitalism

an economic system in which private citizens controlled the means of production

Capital

anything that is used to create more wealth, example, assets, and resources.

Free enterprise system

When people privately own businesses and trade freely with little government control

Entrepreneur

a person who organizes, manages and takes on the risks of a business.

interchangeable parts

machine parts that are identical and manufactured by machine

assembly line

Each worker does one step of a manufacturing process.

monopoly

When one company or person controls an entire market for a product or service.

Corporation

business owned by stockholders who share in its profits, but are not responsible for its debts.

Mass production

system of manufacturing large quantities of identical items

Invisible hand

A concept where individuals pursuing their own interests unintentionally benefit the economy as a whole 

Sole proprietorships

A business owned and run by one person who keeps all profits and is responsible for all debts.

Partnership

A business owned by two or more people who share profits and responsibilities

Law of supply and demand

enough goods would be produced at the lowest possible price to meet demand in a market economy.

Limited liability

When owners of a company are only responsible for the business's debts up to the amount they invested.

Early responses to the labor movement

immediate violence/resistance from employers and the government.

Significance of the enclosure movement

provided a space for land owners to experiment to boost crop yields- and pushed some farmers to move 

to cities for new work

Impact of interchangeable parts on productivity

Leads to more efficient production of goods with every machine working the same way as its intended

Karl Marx-Identify & theory

German journalist known for his writing, the communist manifesto- believes in socialism 

Free Market System

An economy without any government involvement.

Communism

complete socialism, all means of production EVERYTHING- owned and operated by the public - all goods and services shared equally.

Socialism/ Socialist Theory

the factors of production are owned by the public and operate for the welfare of all

Thomas Malthus

British economist who wrote an essay on the principles of population- without wars and epidemics killing off extra people, many are destined to be poor.

Proletariat

Social class of workers who ( in Karl Marx´s eyes) would eventually revolt against factory owners.

Bourgeoisie

The upper middle class typically the owners/employers.

Friedrich Engels- identify & theory

German whose father owned a textile mill. Co wrote the communist manifest with Karl Marx where he believed the industrial revolution enriched the rich and impoverished the poor.

An Essay on the- Principles of Population

Written by Thomas Malthus- population increased faster than food supply.

The Wealth of Nations

Written by Adam Smith- claims nations would become wealthy only when its citizens were free to pursue their own interests.

The Communist Manifesto

written by Karl Marx and Friedrich Engels- claims that society always separates people into two opposing classes- rich and poor.

Direct/ short term results on Industrial Revolution

Rapid urbanization, the shift from skilled craft work to unskilled Factory labor, and harsh working conditions.

Urbanization

city building and migration of people to the cities, caused by the factory system and opportunity for work.

Middle Class

A social class made up of skilled workers, professionals, business people, and wealthy farmers.

Living conditions of the elite, middle class, working class

The working class lived in cities with poor sanitation codes, social services, ect. The middle class also lived in these cities but some along with the elite built luxury homes in the suburbs.

Utilitarianism

the judgment of ideas, institutions, and actions based on their usefulness in providing the greatest good for the greatest number of people.

Trade Union Movement:

Organized effort by workers to improve pay, benefits, and working conditions through collective bargaining and political action .

Strike

Refuse work.

Domestic system

Employees did the work at home and employers provided raw materials. 

Factory system

Employees did the work in a factory- a centralized place of production with raw materials, machinery, and labor.

Crop Rotation System

planting different crops after one another to restore vital nutrients to provide for better harvests

Results of Agricultural Revolution

Increase in food production leads to a bigger population and more demand for other products

Industrialization

Leads to healthier diets, better housing, and cheaper clothing.

Early Benefits of Industrial Revolution

Raised standard of living, provided many jobs, contributed to the wealth of nations, fostered technological innovation, and increased production of goods.

Industrialization textile machines

Spinning Jenny(1764-James) Combined with Water Frame(1769-Richard) to make spinning mule(1779-Samuel) - leads to the cotton Gin

Railroad Locomotive

Allows for: Transporting materials and finished goods, Created new jobs, traveling to new places or to far away jobs.

David Ricardo

Wealthy stockbroker, who took Malthus' ideas a step further- many people are destined to be poor and with the rise of populations would keep wages down from a large supply of workers.

Adam Smith

professor at the University of Glasgow and best number for defending a free economy in his book the wealth of nations.

Early energy source for factories

Coal and water

Working conditions

Factories were dirty, unsafe,dangerous, with harsh discipline from bosses- long hours and little pay.

Textile Industry

business of making/weaving thread to make fabric. Was the first to industrialize.

Conservative

not wanting any change

Liberal

Wanting big changes in the current system

Transportation

With new steam powered locomotives and railways people can now travel to far jobs or vacations

Results of the Industrial Revolution

Widened the wealth gap between industrialized and non industrialized nations, -imperialism where countries take advantage of raw materials from other underdeveloped countries to support factories. The rise of the middle class created more opportunities for education and democratic participation.