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Industrialization (Industrialization Spreads (Industrial Revolution in the…
Industrialization
Industrialization Spreads
Industrial Revolution in the United States
Britain blocked the US from an international trade, because they will have an financial advantage
Britain did not allowed for forbidden engineers, mechanics, and toolmakers to
leave the country.
But a british mill worker named Samuel Slater went to the US and built a spinning machine from memory causing Moses Brown to open the first factory in the US
Women had to work in the mills and get paid descent
to raise money, entrepreneurs sold shares of stock, or certain rights of rights of ownership
a corporation is a business owned by stockholders who share in profits but are not personally responsible for its debts
Britain helped the northeast experience an industrial growth
Continental Europe Industrializes
European businesses yearned to adopt the "British miracle" the result was new methods of manufacturing goods
Germany was politically divided
in the early 1800s. Economic isolation and scattered
Germany imported British equipment and engineers, manufacturers also sent their children to England to learn industrisal management
The Impact of Industrialization
The industrial revolution shifted the world balance of power and increased competition between industrialized nations and poverty in less developed countries
Reforming the Industrial World
The philosophers of Industrialization
Laissez Faire refers to the economic policy of letting owners of industry and business set working conditions without interference
Adam Smith: a professor at the University of Glasgow, he defended the idea of free economy or free market in The Wealth of Nations
Capitalism is an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit
The Rise of Socialism
Utilitarianism: the theory proposed by Jeremy Bentham that the government actions are useful only if they promote the greatest good for the geatest number of people
Socialism: the factors of production are owned by the public and operate for the welfare of all
Marxism: Radical Socialism
Karl Marx: introduced the world a radical type of socialism called Marxism
