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THE CHIEF FEATURES OF THE INDUSTRIAL REVOLUTION
Arnold Toynbee's "The Chief Features of the Industrial Revolution" opens with an introduction to the most radical changes in the production and distribution of wealth in all levels. It goes an expending and supporting this point of view, the Industrial Revolution as the substitution of the factory system of production with the competition's system.
His argumentations come out of one of the most remarkable consequences of such process from the global prospective: the birth of Economic Science and Socialism. The two different and opposing points of view on the revolution were foster by the works of four most important economists, namely Adam Smith, Malthus, David Ricardo and John Stuart Mill. He also uses quotations from their books to reinforce his point and uses chronology to guide the reader follow the process.
Adam Smith's contribution was addressed to the production of wealth in cause - effects terms; while Malthus inquired the growth of population dynamics connected to the existence of poor and rich people. The third important economist is Ricardo, who showed how wealth is distributed, but only Mill suggested how to solve the problem.
Resolving to facts the writer reports some data showing the growth of population during this period. This caused radical changes in agricultural and industrial area. In fact, in the first one the rural population decreased because of the destruction of common fields system, the enclosure and the substitution of large for small farms. All these facts, however, led to agricultural advance through more scientific approach, such as the breed of cattle was improved, rotation of crops was introduced, the steam - plough was invented and last but not least agricultural societies were instituted.
Passing to manufactures and industry, the writer finds to the substitution of the factory for the domestic system, the consequence of the mechanical discoveries of the time. In the textile industry there were four important inventions altered the character of the cotton manufacture: the spinning - jenny patented by Hargreaves, the water - frame invented by Arkwright, Crompton's mule and last but not least, the steam engine invented by J. Watt.
Another important change was the improvement of means of communication, which caused an extraordinary increase in commerce. As a matter of fact, roads were improved, canal systems and railroads were built.
All these changes led to conflict in all social classes: for example while the new class of capitalist employers made enormous fortunes, poor people became even poorer because of the high price of bread, repeal of corn - laws and fluctuation of trade.
After arguing his thesis, Toynbee draws conclusions: the effects of the Industrial Revolution prove that free competition may produce wealth without producing well - being.