Industrialism

Why did it start in Great Britain? (Industrialism)

It started in Great Britain because the geography brought coal.

Urbanization and population growth

As more houses and factories were built, more people started to come in and population rised.

Inventions

Steam engine, seed drill, spinning jenny, flying shuttle, electric motor, Bessemer Process.

Coal/Steam Power

Coal is used to power steam engines. Steam power was the energy source for many machines and vehicles.

Benefits/drawbacks of industrials

B: Affordable and accessible goods, transportation, more jobs and wealth. D: Overcrowded, unsanitary, pollution, poor working conditions, and exploitation of children.

Enclosure Act

Made shared land privately owned

Living conditions of cities

Little space, need to keep clean, poor quality houses

Factory working conditions

Harsh, long hours, unsafe

Classes of society

working, middle, and wealthy

Adam Smith vs. Karl Marx

Smith saw the benefits with self-interest/division of labor/Invisible hand.

Karl Marx

Didn’t see any benefits to the people with it

Division of Labor

Dividing up the process of making a product based on skill = faster production and more money.

Creation of Wealth

Factory owners got richer

Invisible hand

Self-regulating economy where people get what they need by pursuing their own self-interests

Laissez-Fair capitalism

The government does not interfere in the economy by imposing regulations like taxes or restrictions on those who could trade.

Mercantilism

Government inference/ A nation’s power increases with more exports/imports/ Believe fixed amount of wealth therefore, mercantilist will increase their overseas colonies and accumulate as much as gold and silver as possible.

Capitalism

Wealth Creation: Capitalist believe that wealth can grow, therefore capitalist competition and innovation will increase efficiency and grow wealth.

Communism

By Marx he advocates for a class war between the rich and poor, leading to the classless society where all means of production would be owned by the community, not individual.