New ideas in a new society (Effects on society (Standard of living- Level…
New ideas in a new society
Robert Owen- for the good of all, society or government, instead of individuals, should own property and control industry
Karl Marx- As capitalism grew, more and more workers would sink into poverty.
goverments should not interfere with business
Believed population would always grow faster than food production.
As Smith predicted, industrialization succeeded and spread
Malthus’ prediction was proved wrong. Although population did spread it wasn’t a disaster
Started working in a mill at age 12 and led the expansion of the American steel industry .
Someone who creates their own business
John D. Rockefeller- oil
Cornelius Vanderbilt- railroads.
Before the industrial revolution, people who owned land controlled the wealth and power.
Effects on society
Standard of living- Level of material comfort
The rise of new economic ideas was among the countries effects of the industrial revolution.
Women were expected to provide moral guidance in the home.
Middle class families were more affected by this division between home and work than lower class families.
Great Britain, France, and Germany became leaders in the global economy.
Industrialized societies saw an increase in wealth.
The United States gained global political power based on its industrial strength.