2.  Large population  Extensive natural resources Water power and coal to fuel machines Iron ore for construction Rivers and harbors for shipping and transportation  Expanding economy Investors Banking system  Political stability

3.  Enclosures  Jethro Tull- seed drill  Crop rotation  Robert Bakewell- selective breeding

4.  John Kay- flying shuttle  James Hargreaves- spinning jenny  Richard Arkwight- water frame  Samuel Crompton- spinning mule  Edmund Cartwright- power loom  Eli Whitney- cotton gin

5. Many of these inventions were bulky and expensive- they took the work of spinning and weaving out of the house… Textile merchants set up the machines in large buildings called FACTORIES

6.  Early models of steam engines- expensive to use  James Watt- made the steam engine work faster and more efficiently  Robert Fulton- steamboat  John McAdam- improved road constrution

7.  Spurred industrial growth  Created hundreds of thousands of new jobs  Boosted England’s agricultural and fishing industries  Encouraged country people to take city jobs and city dwellers to venture to resorts in the countryside

9. Great Britain blockaded the U.S. As a result, the U.S. was forced to use its own resources and develop independent industries

10.  Samuel Slater- emigrated to the U.S. and built a spinning machine from memory and a partial design  Moses Brown- opened the first factory in the U.S.  Francis Cabot Lowell- factory towns

11.  Technological boom- electric light bulb, telephone  Growing urban population- consumed manufactured goods  Railroads- transportation, shipping, jobs, development of cities

12.  Stock- certain rights of ownership  Corporations- business owned by stockholders who share in its profits but are not personally responsible for its debts  Corporations were able to raise large amounts of capital needed to invest in industrial equipment

13.  Standard Oil- John D. Rockefeller  Carnegie Steel Company- Andrew Carnegie  Controlling all aspects of industry = Profits!  Reducing the cost of producing goods = Profits!

14.  Workers earned low wages for laboring long hours  Stockholders earned high profits  Corporate leaders made fortunes

15.  Began in Belgium  The rest of Europe experienced industrialization mostly by region rather than country  Some countries did not industrialize due to geographic barriers and social structure

16.  Shifted world balance of power Widened wealth gap between nations while strengthening economic ties Promoted imperialism  Transformed society Population, health, and wealth rose dramatically in all industrialized countries Development of a middle class- greater opportunities for education and democratic participation

18. Stemmed from French economic philosophers of the Enlightenment who criticized the idea that nations grow wealthy by placing heavy tariffs on foreign goods and argued that government regulations only interfered with the production of wealth If government allowed free trade the economy would prosper

19.  The Wealth of the Nations  Defended the idea of a free economy  Based on 3 natural laws of economics: Law of Self-interest Law of Competition Law of Supply and Demand

20.  An economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit  Thomas Malthus- An Essay on the Principle of Population- population increases more rapidly than the food supply  David Ricardo- Principles of Political Economy and Taxation- a permanent underclass will always be poor

21. Laissez-faire thinkers opposed government efforts to help poor workers Thought creating minimum wage laws and better working conditions would upset the free market system, lower profits, and undermine the production of wealth in a society Other thinkers believed government should intervene That wealthy people or the government must take action to improve people’s lives

22.  People should judge ideas, institutions, and actions on the basis of their utility (usefulness)  Government should try to promote the greatest good for the greatest number of people  In general, the individual should be free to pursue his or her own advantage without interference from the state

23.  Factors of production are owned and operate for the welfare of all  Grew out of an optimistic view of human nature, a belief in progress, and a concern for social justice  Government should plan the economy rather than depend on free-market capitalism  Government control of factories, mines, railroads and other key industries would end poverty and promote equality

24.  The Communist Manifesto Bourgeoisie- “haves” Proletariat- “have nots” Conflict Predicted workers will overthrow the owners

25.  Capitalist system will eventually destroy itself  Factories will drive small artisans out of business, leaving a small number controlling the wealth  Proletariat will revolt- seize the factories and mills  Workers will share profits- economic equality for all  Classless society

26. A form of complete socialism in which the means of production would be owned by the people All private property would cease to exist All goods and services would be shared equally

27.  Lenin (Russia)  Mao Zedong (China)  Fidel Castro (Cuba)

28. Factory workers faced long hours, dirty and dangerous working conditions, and the threat of being laid off

29. Union spoke for all the workers in a particular trade, engaged in collective bargaining, and would strike to gain leverage for their demands

30.  Factory Act of 1833 (GB)  Mines Act of 1842 (GB)  Ten Hours Act of 1847 (GB)  National Child Labor Committee (US)

31.  Abolition of Slavery (GB 1833, US 1865)  Fight for Women’s Rights  Public School Systems  Prison Reforms