Industrial Revolution

What significant event occurred on March 8, 1776, involving Boulton and Watt?

They demonstrated the steam engine in Birmingham, revolutionizing industry.

How did Boulton and Watt protect their inventions?

They used numerous patents passed by Act of Parliament.

What was the primary business structure of Boulton and Watt?

They remained a private partnership.

Who was James Watt?

A Scottish inventor known for creating an advanced version of the steam engine.

What was the first application of Watt's steam engine?

It was first used to remove water from coal mines.

What breakthrough did Watt achieve in the 1760s?

He designed a separate condenser and rotary motion, reducing fuel consumption.

What role did Matthew Boulton play in the development of the steam engine?

He funded Watt's research and helped bring the steam engine to market.

What was Boulton's famous quote about power?

"I sell sir, what all the world desires to have…power."

How many workers were employed in Boulton's Soho factory?

800 workers.

What was the typical ownership structure of industrialists during the early Industrial Revolution?

Direct management with small partnerships or owner-managed businesses.

What did Sir Robert Peel suggest about managing mills?

He stated that it is impossible for a mill to be managed at a distance without a partner or superintendent involved.

What was Adam Smith's view on ownership and control in businesses?

He advocated for owner-managed businesses where ownership and control were not separated.

What is the significance of Limited Liability in business?

It allowed for higher capitalization, business expansion, and economic development.

What was the impact of canal building in the second half of the 18th century?

It required large amounts of capital and led to the establishment of many joint-stock companies.

What reforms occurred in the mid-19th century regarding joint-stock companies?

The JS and LL acts allowed for separation of assets and ended debtors' prisons.

What are the four key features of corporations?

1. Limited Liability, 2. Easy transfer of stock ownership, 3. Continuity of existence, 4. Ability to raise capital.

What was the effect of unlimited liability on businesses?

It restricted a firm's ability to raise capital due to the high risk for investors.

What change did France implement in 1807 regarding partnerships?

It allowed partnerships with transferable shares.

What was a recurring theme in early to mid-Victorian literature regarding business?

The death of a partner could mean the end of the firm.

What did Adam Smith famously oppose?

He opposed joint-stock companies.

What was the role of entrepreneurial networks in the Industrial Revolution?

They were crucial for capital and the spread of knowledge.

How did Boulton's background influence his business success?

He began as a buckle manufacturer and developed a highly skilled firm with connections to politicians and entrepreneurs.

How are corporations legally distinct from their owners?

Corporations are regarded as 'artificial persons' that can own property, incur debts, sue, and be sued, but they lack a soul or body.

What is the role of directors in a corporation?

Directors are elected by shareholders to set company policy and appoint the CEO and operating officers.

What was the effect of limited liability on company formation?

Limited liability led to a surge in company formation, with registrations increasing from 114 firms in 1859 to 30,420 firms by 1910-13.

What was the impact of the steam engine on factory location?

The steam engine allowed mechanized factories to operate away from navigable rivers or water sources.

What transportation innovations were made possible by steam power?

The steam engine enabled the development of steam boats and railroads, replacing traditional sails and turnpikes.

When did steam power surpass water as a stationary power source?

Steam power exceeded water as a stationary power source in the 1830s.

How did steam-powered looms affect the cotton industry?

Steam-powered looms reduced costs and increased productivity, leading to the obsolescence of handloom weavers.

What was the increase in the number of power looms from 1803 to 1845?

The number of power looms increased from 2,400 in 1803 to 225,000 in 1845.

What was the decline in the number of handloom weavers between 1835 and 1845?

The number of handloom weavers declined from 188,000 to 60,000 during that period.

How was cotton production linked to urbanization?

Cotton production was never a cottage industry and was located in towns, closely linking it to urbanization.

What did Seeton predict about the growth of factory labor?

Seeton anticipated that factory labor would grow at the expense of agriculture.

What was the significance of the quote 'Life a waste of time; till industry approached and roused man from his miserable sloth'?

It reflects the belief that industrialization would awaken human potential and productivity.

What were the key inventions in the textile industry during the Industrial Revolution?

Key inventions included the Spinning Jenny (1760), Water Frame (1768), and the Mule (1770s).

What was the impact of the Watt engine on cotton mills?

The first installation of a Watt engine in a cotton mill in 1785 marked a significant advancement in industrial machinery.

By the 1850s, how many cotton mills and workers were there in Britain?

There were 1,800 mills and 350,000 to 450,000 workers.

What percentage of the industrial workforce did the cotton industry account for by the 1830s?

The cotton industry accounted for around 30% of the entire industrial workforce.

What was the export profile of the cotton industry by 1851?

Cotton accounted for almost two-thirds of all British exports.

How did raw cotton imports change from 1810-19 to 1820-29?

Raw cotton imports increased from 96 million pounds to 173 million pounds.

What was the significance of the jute industry in Dundee, Scotland?

The jute industry shared similar policy preferences with cotton, focusing on manufacturing and exporting finished goods.

What transportation advancements occurred in England by 1780?

England developed one of the largest road and water networks in Europe, facilitating the movement of goods and information.

Who were the leading investors in the railroad industry in England?

The leading investors were George Stephenson and Isambard Kingdom Brunel.

What was the significance of the 1825 railroad between Stockton and Darlington?

It inaugurated the railroad age with a top speed of 40 km/h.

What were the economic effects of the transportation revolution?

It led to lower transportation costs, easier movement of people, and the growth of towns.

What characterized the railway boom during the Industrial Revolution?

It included new inventions, far-sighted pioneers, over-speculation, and fluctuating share prices.

What was the impact of steam power on railways?

Steam power expanded the movement of goods and people, promoting new markets and commercial activity.

How did the Industrial Revolution spread to Europe after the French Revolution of 1789?

There was immediate interest in technologies like railroads, but adoption varied across countries.

What was the significance of the 1851 census regarding labor specialization?

It indicated that the division of labor had led to 30,000 occupational terms, reflecting a more segmented economy.

What were the two means of substantive economic growth identified during the Industrial Revolution?

The two means were division of labor and advancements in technology, particularly steam power.

What are the key features of innovation in business according to Mokyr and Dodgson?

Connectivity and ties between industrialists, merchants, manufacturers, artists, and scientists, along with expansive supply chains in production and consumption.

What does the term 'Causal Cycle of Great Divergence' refer to?

The historical process of economic change and industrial expansion from 1750 to 1914.

What was the population growth in England from 1700 to 1850?

Population increased from 5.3 million to 15.9 million.

How did life expectancy change in England between 1700 and 1850?

Life expectancy increased from 34 years to 40 years.

What was the significance of coal production in England from 1700 to 1850?

Coal production rose from 2.985 million tons to 69.4 million tons, indicating industrial growth.

What characterized the 'Take Off' period in economic history?

A period of industrial expansion marked by population growth and urbanization.

What was the role of the agricultural revolution in Britain's industrial expansion?

It increased food production, supporting a growing population and labor force.

What was the impact of urbanization during the industrial expansion in Britain?

It led to the growth of towns, cities, and factories, facilitating economic development.

What was the relationship between mechanical production and the energy revolution in England?

Mechanical production relied on the energy revolution, particularly fossil fuels, leading to increased production capacity.

How did Britain's manufacturing output compare to other nations during the industrial period?

British manufacturing output far outstripped that of other nations, establishing it as a world leader.

What factors contributed to Britain's industrial success?

Demographics, political stability, banking institutions, natural resources, and an expanding empire.

What was the significance of the Bank of England in Britain's industrial growth?

It promoted investment in industry and supported economic stability.

What advantages did Britain have over other countries during the industrial revolution?

A better monetary system, a representative Parliament, a spirit of innovation, and no religious obstacles to knowledge.

What was the role of London in Britain's economy by 1900?

London was the largest city and an economic powerhouse, serving as a major marketplace for commodities.

What was the Potato Famine in Ireland, and what did it illustrate?

The Potato Famine (1845-46) illustrated the dangers of remaining agricultural with a growing population and highlighted the importance of agricultural efficiency.

What is the Malthusian Trap?

A theory suggesting that population growth outpaces food production, leading to cycles of prosperity followed by famine, disease, and war.

What cultural factors supported technological innovation in Britain?

A spirit of innovation existed, with no significant religious obstacles to knowledge.

How did Britain's demographic changes support industrial growth?

Wealthy merchants were inclined to invest in technological innovations, and a rising population increased demand for goods.

What was the impact of the absence of internal custom duties in Britain?

It facilitated trade and kept prices low, promoting economic growth.

What was the primary agricultural advancement during the Industrial Revolution?

The ability to produce more food to feed a higher population without leading to famine.

What geographical divide characterized the British Industrial Revolution?

A north-south divide, with industrial growth concentrated in provincial cities.

Name three small cities that were significant during the British Industrial Revolution.

Birmingham, Manchester, Sheffield, and Leeds.

What was the Birmingham Lunar Society?

A network of knowledge with regional and national reach, focused on practical knowledge and scientific discussion.

Who were some notable members of the Birmingham Lunar Society?

James Watt, Matthew Boulton, Josiah Wedgwood, Joseph Priestly, and Erasmus Darwin.

What is the difference between product innovation and process innovation?

Product innovation involves creating new or improved products, while process innovation focuses on improving manufacturing or production methods.

What was the significance of porcelain during the Industrial Revolution?

Porcelain was highly sought after, leading to research programs aimed at imitating it, such as the establishment of Meissen porcelain works.

Who was Josiah Wedgwood and what was his contribution to ceramics?

A prominent potter known for innovations in ceramics and marketing, including the development of jasperware.

What was the purpose of the pyrometer invented by Wedgwood?

To calculate the optimal time and heat for kilns in glazing pots and vases.

What was the message behind Wedgwood's slave medallion?

It promoted the equality of mankind and was adopted by the Society for the Abolition of the Slave Trade in Britain.

What marketing strategy did Wedgwood employ to dominate the high-end tableware market?

He opened London showrooms and introduced clear branding for his goods.

What was the significance of the Portland Vase in Wedgwood's work?

It was based on an ancient design and reflected the fashion for classical imagery, promoting aspiration and taste among different classes.

What was the 'Slow Energy Revolution' in the context of the Industrial Revolution?

An incremental change in energy sources, transitioning from wood and charcoal to coal due to rising demand and resource depletion.

How did coal mining contribute to industrial growth?

It provided fuel for steam engines and materials for iron refining, becoming a leading sector despite its dangers.

What were the 'Evil Twins' of the Industrial Revolution?

Coal and iron, which were essential for mechanized energy and infrastructure development.

What innovation did Abraham Darby contribute to the iron industry?

He perfected sand molding for mass production and replaced charcoal with coal in smelting iron.

What was the impact of coke on the iron industry?

Coke became a competitive fuel for smelting iron, leading to increased production and efficiency.

What was the significance of continuous process innovation in iron production?

It led to dramatic cost reductions for pig iron and the decline of charcoal as a fuel source.

How did the output of coal and iron change from 1820 to 1850?

Coal output increased from 17.4 million tons to 49.4 million tons, and iron output rose from 450,000 tons to 2,000,000 tons.

What role did intersectoral networks play in the Industrial Revolution?

They facilitated the exchange of ideas and innovations across different industries, enhancing productivity and creativity.