Activities

 

•  (par. 1) The Industrial Revolution

It is the substitution of competition for the medieval regulations which had previously controlled the production and distribution of wealth.

led to growth of two systems of thought:

 

1) Economic science                      2) Socialism

 

a)Adam Smith Wealth of Nations, 1776

b)Malthus Essay on Population, 1798

c)Ricardo Principles of Political Economy and Taxation, 1817

d) John Stuart Mill Principles of Political Economy, 1848

 

 

• (par. 2-3) Facts of Industrial Revolution.

1) great rapidity in the grown of population

2) relative and positive decline in the agricultural population

 

 

 

(par. 4) Decrease in rural population.

 

causes:     1)  destruction of the common-field system of cultivation;

 

           2)   the enclosure, on a large scale, of common and waste lands;

 

           3)   consolidation of small farms into large.

 

• (par. 5) Agricultural advance.

 

cause — more scientific approach:

e.g

Breed of cattle

Rotation of crops

Steam-plough

Agricultural societies

 

 

• (par. 6-7) Growth of industry.

causes;

 

1) mechanical inventions in textile industry

 

e.g

 

Spinning-jenny

Water-frame

Crompton’s mule

Self-acting mule

most important:

steam engine

Power-loom

 

 

2) mechanical revolution in iron industry

 

Smelting by pit-coal

Steam-engine to blast furnaces

 

 

3) improved means of communication

 

Canal system

Railroad

Roads

 

 

results:   1)  regular recurrence of periods of over-production and of depression

 

            2) substitution of factory system for domestic system.

 

 

 

• (par. 8) Revolution in distribution of wealth:

rise in rents caused by

1) money invested 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: a change in the balance of political power and in the relative position of classes

 

consequences:

 

  1)labourer became a district class

2)more money coming into their hands

3) class conflict.

 

• (par. 10) Misery of working people often caused by:

1) fall in wages

2) rise of price

3) fluctuation of trade

 

 

 

Conclusion: Free competition may produce wealth without produce well-being