Industrialization (chapters 25.3- 25.4)
Industrial Revolution in the United States
Continental Europe Industrializes
The Impact of Industrialization
Philosophers of Industrialization
The Rise of Socialism
Labor Unions and Reform Laws
Industrialization began in the textile industry
Samuel Slater from Britain came to the U.S and built a spinning machine
Moses Brown opened the first factory in the U.S
Thousands of young single women flocked from their rural homes to work as mill girls in factory towns.
During the last third of the 1800s, the U.S experienced a technological boom
From wealth of natural resources
A burst of inventions
swelling new urban population consumed goods
Railroads themselves proved to be a profitable business
Required a lot of money= entrepreneurs sold shares of stock
Stock- certain rights of ownership
Corporation- business owned by stockholders who share in its profits but are not personally responsible for its debts
Standard Oil (John D. Rockefeller, Carnegie Steel Company (Andrew Carnegie)
Big businesses made big profits by reducing the cost of producing goods
Workers earned low wages for laboring hours
Troubles sparked by the French Revolution and the Napoleonic wars= halted trade, interrupted communication, and caused inflation
Belgium led Europe in adopting Britain's new technology
European countries watched the gap widen between themselves and Britain
It had rich deposits of iron ore and coal as well as fine waterways for transportation
William Cockerill and son illegally carried industrial enterprise
Carrying the latest British advances, more British workers came to work with Cockerill
Germany imported British equipment and engineers
Germany built railroads that linked growing manufacturing cities was more measured and controlled than others because the agricultural economy remained strong
Germany's economic strength spurred its ability to develop as a military power
In the rest of Europe, industrialization proceeded by region rather than by country
France's industrialization
In some nations, the social structure delayed industrialization, for others, the accidents of geography held them back.
The industrial Revolution shifted the world balance of power
It increased competition between industrialized nations and poverty in less-developed nations
Industrialized countries viewed poor countries as markets for their manufactured products
Britain and others began exploiting its oversees colonies for resources and markets
Imperialism born out of cycle of industrialization, the need for resources to supply the factories of Europe, and the development of new markets
Widened the wealth gap between industrialized and non-industrialized countries
Revolutionized every aspect of society, from daily life expectancy
Population, health, and wealth rose dramatically in all industrialized countries
Gave Europe tremendous economic power
The development of a middle class created great opportunities for education and democratic participation
This in turn fueled a powerful movement for social reform
Laissez faire- the economic policy of letting owners of industry and business set working conditions without interference
Favors free market unregulated by the government
Adam Smith- book "The Wealth of Nations", economic liberty guaranteed economic progress
-the law of self-interest- People work for their own good
-the law of competition- Competition forces people to make a better product
-the law of supply and demand- Enough goods would be produced at the lowest possible price to meet demand in a market economy
Capitalism- economic system in which factors of production are privately owned and money is invested in business ventures to make a profit.
Thomas Malthus and David Ricardo
Thought that creating minimum wage laws and better working conditions would upset the free market system, lower profits, and undermine the production of wealth in society
Utilitarianism- people should judge ideas, institutions, and actions on the basis of their utility, or usefulness
Jeremy Bentham
A government policy only useful if it promoted the greatest goods for the greatest amount of people
John Stuart Mill- led utilitarian movement
Called for the government to do away with great differences in wealth. He pushed for an equal division of profits.
Socialism- the factors of production are owned by the public and operate for the welfare of all
Charles Fourier and Saint-Simon sought to offset the ill effects of indutrialization
Argued that the government should plan the economy rather than depend on free-market capitalism to do the job
Factory workers faced long hours, dirty and dangerous working conditions, and the threat of being laid off.
Unions- to press for reforms, workers joined together in voluntary labor associations
Strike- the refusal to work
Government saw unions as a threat to social order and stability
Led to more reform movements like the abolition of slavery, the fight for women's rights etc.