“Economic and Social Effects of the Industrial Revolution”
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Transcript of “Economic and Social Effects of the Industrial Revolution”
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“Economic and Social Effectsof the Industrial Revolution”
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I.) New MethodsA. Division of Labor- factory owners divided manufacturing process
between workers & machinesResult: - more produced in shorter time- lowers cost of production- increased profits
B. Interchangeable Parts: parts made by machines which were all alike
Results: - quicker production- easy to create by unskilled labor
C. Mass Production: system of producing large numbers of identical items
D. Assembly Line: all products brought together and assembled at one location from worker to worker
Example: Henry Ford’s production of the automobile
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A. Strict rules or face loss of payB. Unsanitary conditionsC. Unsafe conditionsD. 14 hr days & 6 days a weekE. Women and Child paid less
II.) Working Conditions in Factories
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III.) Social and Economic Reform
A. Humanitarians: people who work to improve the conditions of others
1. authors use novels to attack social problems resulting from industrialization
Charles Dickens-
Jeremy Bentham-
John Stuart Mill-
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B. Reform Laws:
C. Strikes:
B. Unions:
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IV.) Economic TheoriesA. Mercantilism: economic theory that the world contains a fixed
amount of wealth. In order to increase wealth, countries must take wealth from another country1. In 1700’s Economists attack this theory2. Believed: natural law should govern economic life
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B. Adam Smith: economist who is considered founder of classical economics; wrote The Wealth of Nations (1776)
1. Believed two “natural laws” govern economics:- Law of Supply and Demand- Law of Competition
2. Free Enterprise: economic theory in which there are no laws or regulations limited economic growth
3. Laissez-Faire: belief that government should not meddle in operations of business
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D. Socialism: political & economic system in which governments own the means of production and operate them for the benefit of all the people
C. Capitalism: an economic system in which individuals or corporations, rather than governments, control the means of production
E. Communism: economic & political system in which governments own the means of production and control all economic planning1. Karl Marx: German journalist who in 1848 wrote the
Communist Manifesto
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F: Thomas Malthus:Who was he?What was his belief?
G: David Ricardo:Who was he?What was his belief?