Complete the following notes. They will give you an outline of the information contained in the passage. The main points, relations of cause-effect, illustrations etc. are clearly indicated in the text by logical connectors. Look out for them.

• (par. 1) The Industrial Revolution brought radical changes in nineteenth century England and in the western world. Europe owes to it the growth of two systems of thought:

1) Economic science
2) Socialism

The development of Economic Science in England has four chief landmarks, each connected with the name of one of the four great English economists

a) Adam Smith’s Wealth of Nations
b) Malthus’ essay on Population
c) Ricardo’s Principles
d) John Stuart Mill


• (par. 2-3) Facts of Industrial Revolution.
1) Growth of population
2) Agrarian Revolution / Revolution in manufacturing industries


• (par. 4) Decrease in rural population.
causes: 1) Destruction of common-field system of cultivation
2) Enclosure of common land and waste lands
3) Consolidation of small farms into large
• (par. 5) Agricultural advance.
cause — more scientific approach:
e.g.
Improving of breed of cattle
Introduction of rotation of crops
Invention of steam-plough
agricultural societies
• (par. 6-7) Growth of industry.
causes;
1) mechanical inventions in textile industry
e.g.
Spinning-Jenny (James Hargreaves - 1770)

Water-Frame (Cartwright - 1769)

Mule (Crompton - 1779)

Self-acting Mule (Kelly - 1792 / Improved by Roberts in 1825)

most important:
steam engine
Powder-Loom

2) mechanical revolution in iron industry

Application of steam-engine to blast furnaces

3) improved means of communication
es:
canal system
turnpike
railroad

results: 1) Increase in commerce
2) substitution of factory system for domestic system.

• (par. 8) Revolution in distribution of wealth:
rise in rents caused by
1) Investments in improvements
2) Enclosure system
3) Consolidation of farms
4) high price of corn
social changes in country life:
• (par. 9) Social changes in manufacturing world: the new class of great capitalists employers made enormous fortunes
consequences:
1) The capitalist employers made great fortunes and didn’t take part in the work of their factories.
2) Loss of the old relations between masters and men.
3) class conflict.
• (par. 10) Misery of working people often caused by:

1) Fall in wages
2) Bad conditions of labour under the factory system
3) Rise of the prices

Conclusion: “The effects of the Industrial Revolution prove that free competition may produce wealth without producing well-being.”