25.3 & 25.4 (Reforming the Industrial World (Laissez-faire, or free…
25.3 & 25.4
Reforming the Industrial World
Laissez-faire, or free enterprise, economics stemmed
from French economic philosophers of the Enlightenment. They criticized the idea that nations grow wealthy by placing heavy tariffs on foreign goods. In fact, they argued, government regulations only interfered with the production of wealth. Rather, if government allowed free trade—the flow of commerce in the world market without government regulation the economy would prosper.
An economic system based on private ownership and on the investment of money in business ventures in order to make a profit. Wrote An Essay on the Principle of Population, this argued that population tended to increase more rapidly than food supply. Without epidemics to kill extra people, most would be poor. a theory by Jeremy Bentham, that people should judge based on utility and that the state should not interfere the peoples' freedom to pursue but show promote the greatest good to the greatest amount of people.
Created factory workday for children between 9-13 to 8 hours a day and 13-17 no more than 12 hours a day. Outlawed child labor under 9.Created factory workday for children between 9-13 to 8 hours a day and 13-17 no more than 12 hours a day. Outlawed child labor under 9. an economic system in which the factors of production are owned by the public and operate for the welfare of all. German journalist and philosopher, founder of the radical branch of socialism, Marxism. He is known for two books
some of the favorable conditions that sparked industrialization in both Britain and the United States
Railroad- In the mid to late 1800s, Americans began to construct thousands of miles of railroad tracks interconnecting all of the regions economically.
The United States had inventions like the telephone and the light bulb (which were both created in the 1870s).
-- There was a technological boom- Samuel Slater, Moses Brown, and Francis Cabot Lowell were involved in textiles and all promoted the industrial process.
The U.S. harnessed the oil industry and the steel industry.
-- Most American billionaires today got their money from the oil industry.
factors led to the great expansion of US industry in the late 1800s
The United States had running water for a power source, and it also had other natural resources that were necessary such as coal and iron ore. The U.S. also had a supply of workers.
-- We see a consistent movement of immigrants coming to northern states looking for work in factories.
America, going into 1800s, had political stability and a well-developed structure.
The United States had a vast coastline, which gave them access to international trading activity.
How the Napoleonic wars affect the development of industry in Europe
--- Because of the Napoleonic wars...
Intercontinental trade almost came to a stop and communication was disrupted. All of this resulted in widespread inflation throughout continental Europe.
Europeans didn't begin their industrialization process until the 1800s. They tended to call industrialization the "British Miracle" because they thought that the British were the only ones who could industrialize