1)     The Industrial Revolution is the substitution of competition for the medieval 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 Europe led to growth of two systems of thought: Economic science and Socialism.

2) Adam Smith;

     Malthus;

     Ricardo;

     John Stuart Mill

       3) Facts of Industrial Revolution:

The far greater rapidity which marks the growth of population and an agrarian revolution.  

       4) Decrease in rural population:

1. The destruction of the common-field system of cultivation;
2. The enclosure on a large scale of common and waste lands;
3. The consolidation of smalls farms into large.

       5) Agricultural advance

The breed of cattle was improved;

1. Rotation of crops was generally introduced;
2. The steam-plough was invented;
3. Agricultural societies were instituted.

       6) Mechanical inventions in textile industry:

The spinning-jenny;

1. The water-frame;
2. Crompton’s mule;
3. The self-acting mule.

       7) Most important:

Steam-engine;

1. An engine for a cotton-mill.

       8) Mechanical revolution in iron industry:

The power loom;

1. The mule.

       9) Improved means of communication:

The canal system;

1. Water-way;
2. Railroad.

       10) Results:

1. The regular recurrence of periods of over-production and of depression;
2. Substitution of factory system for domestic system.

         11) Revolution in distribution of wealth: rise in rents caused by:

Money invested in improvements;

1. The effect of the enclosure system;
2. The consolidation of the farms;
3. The high price of the corn.

           12) Social changes in manufacturing world:

The farmers shared in the prosperity of the landlords; for many of them held their farms

                 under beneficial leases, and made large profits by them.

           13) Consequence:

                 In consequence their character completely changed, they ceased to work and live with

                 their labourers and became a distinct class.

           14) Misery of working people often caused by:

1. Conditions of labour under the factory systems;
2. The rise of prices;
3. Sudden fluctuations of trade.

           15) Conclusion:

                 The effect of the Industrial Revolution prove that free competition may produce wealth                  

                 without producing well-benig.