1. Industrial RevolutionIndustrial Revolution (1750-1850) Spurred by England’s Agricultural Revolution –^efficient farm methods Iron plows Seed Drill (Jethro Tull) Crop rotation –less farmers needed enclosure system –Landowners acquiring more land –Farmers forced to cities Urbanization Helped Europe to Imperialize

2. Factors of Production Basics necessary for industrialization: –Land –Capital –Labor Mechanization –cotton TEXTILE industry –Shift from domestic system > factory system Due to expense of water frame Effects: –huge increase in production –cheaper to produce & sell –demand increased England’s cotton imports –1761: 4 million tons –1815: 100 million tons British Imperialism

3. The Factory System Women & children were favored Less opportunities for women, except: –domestic services –factory work –teachers –nurses –social workers Rise o/t Middle Class –Earning $ is not “true womanhood”

4. New Methods & Business Organizations Rapid industrial growth CAPITALISM: business & individuals determine economic decisions –aka: ______________________ –laizzes-faire? _______________ ____________________________ Elements that made mass production possible: –division of labor –interchangeable parts –assembly line The Business Cycle: alternating periods of prosperity and decline

5. Calls for Reform Factory Act of 1833 (499) Led to: –Decrease in work hours –No children under 9 –Strikes –Unions Collective bargaining Socialism: abolish profit motive & competition –gov’t & business share in economic decisions –Led to Utopian Socialism

6. Karl Marx “The history of all hitherto existing society is the history of class struggles.” Bourgeoisie v. Proletariat COMMUNISM: –gov’t controls economy –classless system –religion outlawed –no private property Communist Manifesto Create a Economic Spectrum