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Terms in this set (24)
Shift from labor intense economy based on farming to capital intensive economy based on manufacturing by machines, specialized labor and industrial factories
Took decades to spread
Countryside to urban areas
High levels of productivity
Creation of wealthy industrial middle class and huge industrial working class (proletariat)
Began in Britain around 1750
Spread to Europe and the New World
Took decades to spread
Countryside to urban areas
High levels of productivity
Creation of wealthy industrial middle class and huge industrial working class (proletariat)
Began in Britain around 1750
Spread to Europe and the New World
Agricultural revolution of the 18th century
Increase in food production; feed more at lower prices and less labor
British could spend money on other things besides food (manufactured goods)
Population growth in 18th century
Supply of capital for investment in machines and factories
Central bank
Early Industrial Entrepreneurs
Political power in the hands of a group of progressive people who favored innovation in economic matters
Financial hazards
Mineral Resources
Ample supply of coal and iron
Exported short distances
Abundant rivers
New roads, bridges, canals that linked major industrial centers
No internal custom barriers to hinder domestic trade
Role of Government
Parliament- stable government and passing laws that protected private property
Freedom for private enterprise
Fewer restrictions on private entrepreneurs
Markets
Place for manufactured goods
Able to transport goods anywhere in the world
Produce cheaply the article most in demand
Rapid growing population
Demand from domestic and foreign markets old system couldnt keep up
Increase in food production; feed more at lower prices and less labor
British could spend money on other things besides food (manufactured goods)
Population growth in 18th century
Supply of capital for investment in machines and factories
Central bank
Early Industrial Entrepreneurs
Political power in the hands of a group of progressive people who favored innovation in economic matters
Financial hazards
Mineral Resources
Ample supply of coal and iron
Exported short distances
Abundant rivers
New roads, bridges, canals that linked major industrial centers
No internal custom barriers to hinder domestic trade
Role of Government
Parliament- stable government and passing laws that protected private property
Freedom for private enterprise
Fewer restrictions on private entrepreneurs
Markets
Place for manufactured goods
Able to transport goods anywhere in the world
Produce cheaply the article most in demand
Rapid growing population
Demand from domestic and foreign markets old system couldnt keep up
Pushed the cotton industry to greater heights
Revolutionized the production of cotton goods and allowed the factory system to spread to other areas
James Watt- engine powered by steam that could pump water from mines 3x as quickly as previous engines
Rotary engine- turn shaft and drive machinery
Applied to spinning and weaving; more steam engines in Britain
Fired by coal so more flexibility w location
Cotton became Britain's most important product in value
Tireless source of power- depended on coal (unlimited)
Need for more coal and expansion of coal production
Led to transformation of railways
Revolutionized the production of cotton goods and allowed the factory system to spread to other areas
James Watt- engine powered by steam that could pump water from mines 3x as quickly as previous engines
Rotary engine- turn shaft and drive machinery
Applied to spinning and weaving; more steam engines in Britain
Fired by coal so more flexibility w location
Cotton became Britain's most important product in value
Tireless source of power- depended on coal (unlimited)
Need for more coal and expansion of coal production
Led to transformation of railways
Most important single factor in promoting European economic progress in 1830s-40s
Start in mining operations in Germany
Wooden rails replaced by iron
Railways common w horses
Trevithick- steam powered locomotive on rail line
Stephenson- first modern railways in Britain were built
Rocket- 1st public railway line
16 mph
Reached 50
Expanded coal and iron industries, investors put money into joint-stock companies, new job opportunities, chapter and faster way of transportation, larger markers were created, entrepreneurs invested, visible confirmation of a new sense of power,
Start in mining operations in Germany
Wooden rails replaced by iron
Railways common w horses
Trevithick- steam powered locomotive on rail line
Stephenson- first modern railways in Britain were built
Rocket- 1st public railway line
16 mph
Reached 50
Expanded coal and iron industries, investors put money into joint-stock companies, new job opportunities, chapter and faster way of transportation, larger markers were created, entrepreneurs invested, visible confirmation of a new sense of power,
Continental countries made advancements but not as advanced as Britain
Lacked what Britain had
Lacked good roads and river transit
Tolls and guild restrictions that britian didnt have to face
Different style of entrepreneurship- no competition
Borrowed British techniques
British equipment sold illegally
Eventually learned british skills- Belgium, France, Germany
Govt in continental
Large role in economic affairs
Used tariffs to encourage industrialization
Friedrich List- National System of Political Economy
Said countries needed tariffs to compete w Britain
Less efficient machines in cotton industry
In 1840s- belgium had most modern cotton industry on planet
Continent
Old and new ways
In different regions
Steam engine used in mining more
Iron and coal led the way
Around 1850 continent's cotton industry grew rapidly
Lacked what Britain had
Lacked good roads and river transit
Tolls and guild restrictions that britian didnt have to face
Different style of entrepreneurship- no competition
Borrowed British techniques
British equipment sold illegally
Eventually learned british skills- Belgium, France, Germany
Govt in continental
Large role in economic affairs
Used tariffs to encourage industrialization
Friedrich List- National System of Political Economy
Said countries needed tariffs to compete w Britain
Less efficient machines in cotton industry
In 1840s- belgium had most modern cotton industry on planet
Continent
Old and new ways
In different regions
Steam engine used in mining more
Iron and coal led the way
Around 1850 continent's cotton industry grew rapidly
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