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Agricultural Revolution, Commercial Revolution, Raw Materials, Markets, Capital, Rising Population, Role of Parliament, New Values
Why was Britain first? (give 8 reasons)
lands that had been held in common by tenant farmers were permitted to be enclosed into large, private farms worked by much smaller workforce.
Growing domestic population, Growing global empire, European demand for cheap British goods
How did Britain exploit 3 markets? (3)
The Wealth of Nations
Adam Smith: government's goal should be steady increase in the material prosperity of population and overall wealth of nation
vertical integration, production centralized, used steam engines (price of production dropped)
each social class aspired to the habits and patterns of consumption of their superiors
founder of capitalism, "invisible hand", law of supply and demand naturally increases prosperity
Iron law of wages- if population grows faster than economy, there will be too many workers and too few jobs- wages fall and unemployed die
concept of collective rather than individual well being, society's problems are being caused by social change- society has responsibility to address these problems
1. economic systems is unfair to worker
2. collective ownership of "means of production"
3. society's wealthy equally distributed
4. government plays a role in bringing this change about
by means of good planning and government regulation, economies could be made to prosper without exploiting the working class (creation of cooperative communities- Charles Fourier, Robert Owen)
concepts of Marxism
1. Class struggle
2. Revolution and overthrow of capitalism
3. Dictatorship of proletariat
4. Classless society (no gov)
flaws of Marxism
1. more industrialization=more revolution
2. less middle class
3. violent revolution needed for reform
4. capitalism would collapse
produced generators efficient enough to power large industrial machines, the light bulb inventor
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