Key Aspects of the Industrial Revolution

Enclosure Movement

To bring together of farmland to enhance productivity.

Crop Rotation

Rotating crops ensures that soil nutrients are replenished.

Mechanization

Use of automatic machinery to improve production speed.

Land

Natural resources required for production (coal, rivers for power, harbors for trade).

Capital

Financial resources available for investment (money).

Labor

Workforce, including the population increase and migration of farmers to urban areas.

Entrepreneurs

Individuals who take risks to establish new businesses.

Textile Industry Advances

Advancements in textile production including the invention of the Mechanized Loom and the Spinning Jenny.

Mechanized Loom

Invention in 1733 to weave cloth, leading to the need for more thread.

Spinning Jenny

Invented in 1760, it spun cotton into thread at eight times the speed of traditional methods.

Cotton Gin

Invented by Eli Whitney in 1793 to process cotton more efficiently.

Cotton Consumption

In England, soared from 4 million pounds in 1761 to 100 million pounds by 1815.

James Watt

Invented a more efficient steam engine in 1769 that operated faster and consumed less fuel.

Steam Engine Problems

Major risk of explosions, leading to the implementation of safety valves to prevent them.

Henry Bessemer

Developed a process to inject air into molten iron, removing impurities and making steel more malleable.

Demand for Steel

Rising demand for steel for machinery because of its malleability and strength.

Steam-Powered Transportation

Development of steam boats enhanced travel through canals and across the Atlantic, reducing trips to 17 days from 34.

George Stephenson

Developed the first steam-powered locomotive.

Morse Code

Created by Samuel Morse to communicate using electric currents over long distances.

Communication Advancements

Enhanced long-distance communication and coordination.

International Morse Code

A method used to encode text characters as sequences of dots and dashes.

SOS in Morse Code

A distress signal represented as ••• --- •••, meaning 'Save our ship and save our souls'.

S in Morse Code

Represented by three dots (•••).

O in Morse Code

Represented by three dashes (---).

Emergence of the Middle Class

A significant social change resulting from the Industrial Revolution, leading to increased social influence and political power.

Mass Production

The process of producing goods in large quantities, often using assembly lines and interchangeable parts.

Division of Labor

A production technique where each worker specializes in a specific task.

Interchangeable Parts

Identical parts that made production and repair more efficient.

Assembly Line

A production method where products move from worker to worker, enhancing efficiency; famously utilized by Henry Ford.

Corporations

Businesses owned by stockholders, sharing profits, but not liable for debts.

JP Morgan

Financed the first billion-dollar corporation, the United States Steel Company.

Adam Smith's Economic Theories

Advocated for free economies and reduced government interference.

Self-Interest

One of the three natural laws of economics; individuals act in their own best interest.

Competition

One of the three natural laws of economics; drives innovation and product improvement.

Supply and Demand

One of the three natural laws of economics; determines prices and availability in markets.

Laissez-Faire Economics

An economic system where the government does not interfere, allowing owners of industry to set working conditions.

Labor Issues

Preference for hiring women and children due to lower wages and ability to work longer hours.

Factory Wages

Shift from piece work to hourly wages, with men earning double what women did for similar labor.

Socialism

public owns property but even distributed wealth

Unions

Organizations formed by workers to negotiate better working conditions and wages.

Collective Bargaining

Negotiations between workers and employers regarding working conditions and wages.

Karl Marx and Friedrich Engels

Believed that wealth is created by labor and sought even distribution of wealth.

Economic Ideologies Overview

Capitalism involves individual ownership of property, socialism involves public ownership, and communism involves community control of the economy.