Industrial Revolution & Economic Theories: Key Concepts and Social Changes

Who wrote 'The Wealth of Nations' and in what year?

Adam Smith wrote 'The Wealth of Nations' in 1776.

What economic system did Adam Smith lay the basis for?

Capitalism.

What does Adam Smith mean by the 'invisible hand'?

The 'invisible hand' refers to the self-regulating nature of the marketplace where individuals' self-interest leads to economic benefits for society.

What role does government play in Smith's economic theory?

Smith believed in minimal government intervention, advocating for laissez-faire capitalism.

What was Britain's chief export before the Industrial Revolution?

High quality wool.

What invention required coal and was crucial for running machines during the Industrial Revolution?

The steam engine.

How did the Columbian Exchange impact Britain's population?

It introduced the potato, which provided more food per acre, leading to a population boom.

What transportation innovations were developed during the Industrial Revolution?

The steam railroad and the steamship.

What was the Great Exhibition of 1851?

It was an event showcasing industrial achievements, featuring a large steel and glass structure.

How did the Industrial Revolution affect the British middle class?

The middle class became extremely wealthy, leading to leisure time and consumerism.

What was a significant social change for the middle class during the Industrial Revolution?

The concept of leisure time and vacations emerged.

What were the living conditions like for the working class during the Industrial Revolution?

They were terrible, often living in overcrowded tenements with poor sanitation.

What was the 'Iron Law' of Wages?

It stated that wages would always be kept near the minimum needed for survival.

How did factory owners exploit child labor during the Industrial Revolution?

Children were paid significantly less than adults and worked long hours under dangerous conditions.

What was the life expectancy for working class people in Liverpool in the 1850s?

It dropped to 18 years.

What substances became widely abused by the working class during the Industrial Revolution?

Gin and opium.

What were the Poor Laws of 1834?

They allowed for some government assistance in cases of extreme poverty.

What was the purpose of workhouses?

To provide assistance to the poor, often under harsh conditions to discourage laziness.

What was a consequence of the lack of government regulation during the Industrial Revolution?

The development of modern finance and the rise of commercial banks and stock markets.

How did the middle class view the industrial city of Manchester?

They saw it as a sign of civilization's progress despite its pollution.

What was the impact of improved transportation methods during the Industrial Revolution?

They facilitated the movement of raw materials and finished goods.

What did the Industrial Revolution lead to in terms of consumer goods?

A rebirth of consumerism and the creation of industries focused on making goods for the middle class.

What was the significance of Britain's geography during the Industrial Revolution?

It provided resources like coal and iron, and facilitated transportation with navigable rivers and ports.

What was the effect of the Industrial Revolution on the concept of family leisure?

It allowed families to afford time off work to enjoy leisure activities together.

What was a common condition of factories during the Industrial Revolution?

They were inherently dangerous with no safety features, leading to frequent injuries.

What was the societal perception of the working class's substance abuse?

The middle class viewed it as immoral, which influenced their reluctance to help the poor.

What were tenements and how did they affect the working class?

Tenements were overcrowded, poorly built apartments that housed entire families, contributing to poor living conditions.