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“Economic and Social Effects of the Industrial Revolution”

“Economic and Social Effects of the Industrial Revolution”. I.) New Methods. Division of Labor - factory owners divided manufacturing process between workers & machines Result: - more produced in shorter time - lowers cost of production - increased profits

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“Economic and Social Effects of the Industrial Revolution”

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  1. “Economic and Social Effectsof the Industrial Revolution”

  2. I.) New Methods • Division of Labor- factory owners divided manufacturing process between workers & machines Result: - more produced in shorter time - lowers cost of production - increased profits • Interchangeable Parts: parts made by machines which were all alike Results: - quicker production - easy to create by unskilled labor • Mass Production: system of producing large numbers of identical items • Assembly Line: all products brought together and assembled at one location from worker to worker Example: Henry Ford’s production of the automobile

  3. II.) Working Conditions in Factories A. Strict rules or face loss of pay B. Unsanitary conditions C. Unsafe conditions D. 14 hr days & 6 days a week E. Women and Child paid less

  4. III.) Social and Economic Reform • 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-

  5. Reform Laws: • Strikes: • Unions:

  6. IV.) Economic Theories • Mercantilism: economic theory that the world contains a fixed amount of wealth. In order to increase wealth, countries must take wealth from another country 1. In 1700’s Economists attack this theory 2. Believed: natural law should govern economic life

  7. 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

  8. C. Capitalism: an economic system in which individuals or corporations, rather than governments, control the means of production D. Socialism: political & economic system in which governments own the means of production and operate them for the benefit of all the people E. Communism: economic & political system in which governments own the means of production and control all economic planning 1. Karl Marx: German journalist who in 1848 wrote the Communist Manifesto

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