Industrial Revolution

1. Industrial Revolution Moving Forward in History

2. IR – increased output of machine-made goods • Began in England in 18th Century • Enclosures – large fields with fences • Landowners experimented with new agricultural methods • Forced small farmers to become tenants or give up land and move to city

3. Jethro Tull (not the band) • Sowing seed in well-spaced rows at specific depths • Crop Rotation – similar to three field rotation of middle ages

4. Industrialization • Process of developing machine production of goods • Required use of natural resources • Water power and coal to fuel machines • Iron ore to construct machines, tools • Rivers for inland transportation • Harbors for merchant sail

5. Major Inventions in Textile • Textile Mill • England's cotton came from American South • Demand skyrocketed due to the manufacturing of cloth in England • Eli Whitney’s cotton gin • Multiplied the speed of removing seeds from cotton • James Watt steam engine • Made steam engine work faster, more efficient and burned less fuel

6. Robert Foulton ordered first steam engine, The Clermont, that ferried up the Hudson River Railroad Cyrus McCormick’s reaper – wheat production I.M. Singer – foot pedal sowing maching Alexander Graham Bell- telephone Different Types of Invention

7. Corporations Develop • Business owned by stockholders who share profits but not personally responsible for debt • John D. Rockefeller • Standard Oil • Andrew Carnegie- • Carnegie Steel Company

8. Age of Reform • Laissez faire – letting owners of industries set working conditions without interference • Adam Smith – Wealth of Nations • Economic liberty guaranteed economic progress • Sellers sold what buyers wanted and buyers spend money on what they really wanted

9. Capitalism – money is invested in business ventures with goal of making profit • Jeremy Bentham - Utilitarianism – people should judge ideas, institutions and actions on the basis of their usefulness • Govt. should promote greatest good for greatest number of people • People should be free to pursue on own without interference from the state

10. Socialism – factors of production are owned by the public and operate for welfare of all • Socialist argued govt. should plan the economy rather than depend on free market capitalism to do the job • Idea was govt. controlled industries would abolish poverty and promote equality

11. Karl Marx – believed IR enriched the wealthy and impoverished the poor • middle class haves or bourgeoisie and the have-nots or workers • Communism – all lands, factories and businesses would be owned by the people • Private property would cease to exist • All goods and services would be shared equally

12. Progress results when individual follow own self interest Business follow own interest when compete with each other for consumers money Compete to produce better and less expensive goods Compete to purchase best goods at lower price All great movements in history are from economic class struggle “Haves” take advantage of “have-nots” IR intensified class struggle Workers exploited by employers Labor workers create profit for employer Capitalist vs. Marxist

13. Market economy aims to produce best goods a lower price Govt should not interefere in economy Labor of workers creates profit for employers Capitalist system will eventually destroy itself C vs. M (cont)

14. Unionization • Unions – workers joined in voluntary associations • Collective bargaining – negotiations between workers and employers • Strike – refuse to work

15. William Wilberforce – member of British Parliament who led fight for end of slavery in Britain • Influence on the American fight against slavery which ended in 1865 after Civil War