Activities

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 is the substitution of competition for the mediaeval regulations which had previously controlled the production and distribution of wealth. On this account it is not only one of the most important facts of English history but 
led to growth of two systems of thought:

1) Economic science                            2) Socialism

a)Adam Smith - “Wealth of Nations”	
b)Malthus - “Essay on Population”	
c)Ricardo - “Principles of Political Economy & Taxation” 	
d) John Stuart Mill - “Principles of Political Economy”	

 • (par. 2-3) Facts of Industrial Revolution.
1)Rspidity of growth of population in cities	
2)Relative and positive declaine in 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;
     3) Consolidation of small farms into large;
• (par. 5) Agricultural advance.
cause — more scientific approach:
e.g.
Substitution of scientific for unscientific culture	
Rotation of crops	
Creation of new technologies	
 Agricultural societies	
• (par. 6-7) Growth of industry.
causes;
1) mechanical inventions in textile industry
e.g.
The spinning-jenny (1770 by Hargreavers)	
The water-frame (1769 by Arkwright)	
The Crompton’s mule (1779)	
The self-acting mule (1792 by Kelly)	
most important:
 Steam engine	
 The power-loom	

2) mechanical revolution in iron industry
e.g.
Rapid development of canal system	
Improvement of roads	
3) improved means of communication
e.g.
 Grand Trunk canal	
 Boats and canals	
 Railroad	

results:  1) Periods of over production and depression
    2) Substitution of factory system for domestic system.

• (par. 8) Revolution in distribution of wealth:
rise in rents caused by
1)Enclosure system	
2)Consolidation of farms	
3) High price of corn	
4) Money invested in improvements	
social changes in country life:
• (par. 9) Social changes in manufacturing world: new food, new technical works and money.
consequences:
 1)  High prices
 2)  Old relations between masters and men disappeared
3)  Class conflict.
• (par. 10) Misery of working people often caused by:

1)Conditions of labour under the factory system	
2)Rise of prices	
3)Fluctuations of trades	

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