industrial revolution

cottage industry

goods made and sold from the home

England

first country to have an industrial revolution

requirements for an industrial revolution

• Access to raw materials

• Power source (fast moving water or steam power)

• Labor (excess unemployed population)

• Entrepreneurs (investors, sponsors, merchants)

• Markets (trade empires)

• Stable government

John Kay

invented flying shuttle (lever activated weaver), made no money because people just copied his design

James Hargreaves

invented spinning jenny (multiple-thread spinner), also made no money

Richard Arkwright

patented the water frame (water powered spinner) for cotton thread, made a bunch of money because people couldn’t put water wheels on their house, good entrepreneur

Eli Whitney

patented the cotton gin (auto cotton cleaner), everyone copied him, also mass produced interchangeable parts

James Watt

patented improvements on the steam engine

pros of the industrial revolution

• Very good for the country 

• Allowed small countries to accumulate wealth without land and materials

• Prices went down, more jobs available

• Inventions, advancements

cons of the industrial revolution

• Very bad working conditions (long hours, dangerous conditions, little pay, limited education), essentially slavery with pennies for pay

• Cramped living condition

• Cities were overcrowded, dirty with poor quality of life

• Pollution from steam engines and human waste

• Child labor

first factory produced product

textile (wool then cotton)

Adam Smith

• Wrote The Wealth of Nations in 1776

• Studied factories and economics

• Explained capitalism as the ideal

• “Invisible hand of the economy” 

• supply, demand, quantity chain

• laissez-faire

Thomas Malthus

• Tracked agricultural production and population

• Said population would surpass the amount of food produced

• Disaster happens when there isn’t enough food to reset the population

Robert Owen

Socialist - workers should get the benefits of their work, service for service instead of payment

Moved to New Harmony