25.3-4 (Industrialization Spreads (Elements of a modern economic system…
Elements of a modern economic system developed during the Industrial Revolution. Entrepreneurs started to sell shares of stock.
-certain rights of ownership.
- a business owned by
Railroads played a major role in America’s industrialization.The railroads themselves proved to be a profitable business. By the end of 1he 1800, A few large companies gained control of 2/3 of the rail road
Single women went to work as
mill girls in factory towns. There, they could make higher wages and have some
Samuel Slater had smuggled the design of a spinning machine to the United States. Much like him, a Lancashire carpenter named William Cockerill illegally made his way to Belgium in 1799.
Germany started to copy Britain and and started to build railroads and factories. They did this in regions instead of the whole country because they were politically divided.
In 1813, Francis Cabot Lowell of Boston and four other investors revolutionized the American textile industry. They mechanized
every stage in the manufacture of cloth.
Britain had forbidden engineers, mechanics, and toolmakers to leave the country. In 1789, however, a young British mill worker named Samuel Slater emigrated to the United States.
Reforming the Industrial World
Adam Smith defends the idea of free economy. He wrote a book explaining how economic liberty guaranteed economic progress.
These ideals were supported by british economists such as Thomas malthus and David Ricardo. The believed in something that became Capitalism.
These people argued about their ideals and how if the government doesn't listen to them, there will be a lot of people in poverty.
Other ideals came apart from capitalism like Utilitarianism, introduced by Jeremy Bentham. These people fought for their ideals and argued a lot.
Some reformers took action. Robert owen improved working conditions. He basically inspired the founding of other communities.
After this, the economic system called socialism emerged. In it, the factors of production are owned by the public and operate for the welfare of all.
The socialists brought up some ideas to defend their ideals. After that, Karl Marx introduced communism but named Marxism.
The communist manifesto happened. Then reform laws sparked. Lots of movements occured and labors combined to form unions. These reforms helped out a lot of people and forced governments to help out the laborers. This Reform movement spread everywhere and it managed to abolish slavery.
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Laissez Faire- Economic policy of letting owners of industry and business set working conditions without inference.
Capitalism- An economic system in which the factors of production are privately owned.
Utilitarianism- Another ideal similar to capitalism. The government should basically involve in the economy.
Socialism- Factors of production are owned by the public and operate for the welfare of all.
Karl max- A german journalist that promoted a new idea called communism.
Communism- Complete socialism. All land and everything is owned by the people.
Unions- Laborers that worked together
Strike- Refuse to work
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