 | Term | Definition |
| |
Great Britian |
where IR started |
| |
reasons IR began in G Britian |
overabundance of factors of production, political stability, demand 4 cotton textiles |
| |
reasons 4 overabundace of labor |
urbanization (enclosure movement, agriculture revolution) |
| |
labor pool was made up of |
unskilled woman and children who worked for little money |
| |
reasons 4 overabundance of capital |
300 years of favorable balance of trade, easy access to capital from the Bank of England |
| |
reasons 4 overabundance of land |
vast amounts of iron ore and coal |
| |
infrastructure |
gave burghers easy access to reasources |
| |
Gloriuos Revolution |
provided plotical stablity, no need for revolution, allowed burghers to take ristky investments |
| |
parliament created laws to protect ______ _______ |
private property |
| |
Kay invented |
flying shuttle |
| |
HArgreaves |
spinning jenny |
| |
Arkwright |
water frame |
| |
Crompton |
mule (combination of water frame and spinning jenny), created concept of factory system |
| |
power loom |
Cartwright, met demand 4 cotton textiles |
| |
power of 1st IR |
steam |
| |
original use of steam engine |
to pump water out of mines |
| |
Newcomen |
invented 1st ineffiecnt steam engine |
| |
Watt |
invented modern steam engine, this engine was applied to factory system |
| |
Cort |
invented puddling, took carbon impurities from iron making it more effient |
| |
Stephenson |
applied steam engine to locomotives, "Rocket" |
| |
Transprotation Revolution was funded by ____ |
Burghers/merchants |
| |
new roads were called |
macadams |
| |
factory owners |
led factory system, controled all aspects of workers' lives |
| |
reason 4 horrible working conditions |
large labor pool |
| |
Adam Smith |
Wrote "wealth of Nations" in 1776, observed new economic pattern created by IR, bussiness cycle is controlled by invisible hand of market place |
| |
prosperity |
unemployment low, production high |
| |
reccession |
occured once merchants overproduced goods, unemployment is high, product-down |
| |
recovery |
occured when amount of capital in circulation has been reduced (deflation), increase in production, decrease in employment |
| |
deprssion |
unnatural, occurs when merchants overexploit prosperity/capital by overextending CREDIT, lasts at leats 7 years |
| |
Great Exibition |
hosted in Cyrstal Palace, GB showed off wealth and prosperity |
| |
Prince Albert |
Said man was close to conquring nature |
| Add or remove terms from this set |
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