Scientific culture took the place of unscientific one.

THE INDUSTRIAL REVOLUTION

Economic science and Socialism

Adam Smith: "wealth of nations" (1776)

Malthius: "Essay on population" (1798)

Ricardo: "Principles of political economy and taxation" (1817)

Competition

Competition in distribution

Competition in  production

Important facts

Agrarian revolution

(destruction of common-fields system, enclosure of common lands, consolidation of small farms into large).

Revolution in manifacturing industries

(substitution of the factory for the domestic system)

Rapid growth

 of population

(decline in the agricultural population, the density of population has shifted from the middle lands to the North).

Expantion of trade

[advance in means of communication(canals, improvement of roads, construction of turnpike roads, first railway road in 1870)]

COTTON MANIFACTURE

(spinning jenny, water frame, mule, steam-engine, power loom)

IRON INDUSTRY

(Smelting by pit coal application of the steam engine)

Revolution in the distribution of wealth

(A new class was born: the Enployers)

Misery of working people

(a fall in wages,condition of labour,high price of bread,fluctuation of trade).

Malthius: "Essay on population" (1798)

Ricardo: "Principles of political economy and taxation" (1817)