| Term | Definition |
|---|
| Agricultural Revolution | the changes in the methods of farming and stock breeding that made for the production of more food. In Britain, the agriculture could fed more people with less money and labor. It allowed for the rapid growth of the population |
| Labor | the rapid growth of population in the second half of the 18th century provided a pool of surplus ______ for the new factories of the emerging British industry. |
| Cottage Industries | rural ___________________ also provided a potential labor force for industrial enterprises |
| Credit Facilities | Britain had flexible __________________; they were accustomed to using paper instruments to facilitate capital transactions |
| Capital | Britain had a ready supply of __________ for investment in the new industrial machines and the factories that were needed to house them |
| Parliament's Role | Parliament contributed to the favorable business climate by providing a stable government and passing laws that protected private property and the freedom it provided for private enterprises |
| Importance of Empire | the empire gave a supply of markets that gave British industrialists a ready outlet for their manufactured goods and it allowed for the cheap production of goods |
| Flying Shuttle | the development of the ______________ had sped up the process of weaving on a loom and enabled weavers to double their output |
| James Hargreaves | He invented the Spinning Jenny which ended the yarn shortages |
| Richard Arkwright | He invented the water frame spinning machine which was powered by water or horse |
| Samuel Compton | He created the "mule" which combined aspects of the water frame and Spinning Jenny. It increased yarn production even more. |
| Entrepreneurs | one who organizes, operated, and assumes the risk in a business venture in the expectation of making a profit |
| Thomas Newcomen | Because of the need for more efficient pumps, he developed a steam pump, or an "atmospheric engine", but it was still too inefficient |
| James Watt | He was a Scottish engineer who was asked to repair a Newcomen engine, but instead he added a separate conenser and a steam pump and transformed the machine into a genuine steam engine. The power came from the steam not the air pressure, and it could pump three times faster |
| Raw Cotton | In 1760, Britain had imported 2.5 million pounds of ___________. By 1787, Britain had imported 22 million pounds of ___________, and by 1840, 366 million pounds of ___________ were imported annually |
| American South | Much of the cotton was grown by plantation owners using slave labor in the _____________________ |
| Indian Cottage Industries | Although ____________________ provided the cheapest labor, it could not compete in quality or quantity with British |
| Iron | The British methods of processing _________ greatly changed at this time period based upon the sue of coke derived from coal |
| Henry Cort | in the 1780s he developed a system called puddling in which coke was used to burn away impurities in pig iron which produced a high quality iron |
| Transportation Revolution | The 18th century expansion of transportation facilities in Britain |
| George Stephenson | He and his son built engines that were superior to all the others at that time. They created the Rocket which were the locomotives for the first modern railways in Britain |
| "Huge Capital Demands" | The ______________________ necessary for railway construction encouraged a whole new group of middle-class investors to invest their money in joint-stock companies |
| Factory System | As a product of the cotton industry, the _______________ became the chief means of organizing labor for the new machines. Employers hired unskilled laborers, and it demanded a new kind of discipline |
| Factory Owners | _______________ could not afford to let the expensive machinery stand idle so they forced workers to work regular hours in shifts |
| Time-Work Discipline | The industrial laborers were not used to working regular, steady hours and therefore had a hard time adjusting to the factory system so the factory owners had to make a system that would accustom workers to this new type of labor |
| Factory Regulations | _____________________ were minute and detailed; adults were fined for little misdeeds and fired for such things as drunkenness; children were beaten |
| Child Labor | children often worked in the factories and were beaten for small misdeeds |
| Evangelical Churches | They enforced the new set of values that the factory owners were trying to impose; Methodism, for example, said that Christians must forgo immoderation and follow a disciplined path |
| Crystal Palace | The __________________ in London housed the world's first industrial fair; It was made entirely of glass and iron |
| Great Exhibition | in 1851; it displayed Britain's wealth to the world |
| Prince Albert | Queen Victoria's Husband who expressed the sentiments of the age in his description of the exhibition as a sign that "man is approaching a more complete fulfillment of that great and sacred mission which he has to perform in this world... to conquer the nature to his use." |
| Quantity of Goods | Britain produced 1/2 of the world's coal and manufactured goods; its cotton industry was equal to the size of all other European industries combined |
| Drain Mines | the steam engine was needed to _______________ |
| Puddling | the method that purified iron |
| Carbon Impurities | __________________ were removed from iron to make it less likely to explode |
| Rail | by 1854, every moderately sized town in England was connected by ___________ |
| Industrial Caste System | The shift to the factory system might make a ________________ b/c of the factory owners, managers, and workers |
| Laissez-faire | Because of ____________ policies, the government did not work to improve working conditions (think of a policy where the gov't doesn't interfere in economics!!) |
| Wealth of Nations | REVIEW: Adam Smith wrote _______________ |
| Business Cycle | the progression of prosperity to recession to recovery is called the ________________ |
| Natural | Depression and Monopolies are problems with pure capitalism because neither of them are _____________ |
| Stock Markets | Corporations get their capital from _______________ |
Combine with other sets
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