·         (par. 1) The Industrial Revolution:

-brought radical changes in nineteenth century England and in the western world.

-substitution of competition for the mediaeval regulations which had previously controlled the production and distribution of wealth.

 

1) Economic science                      2) Socialism

 

a) Adam Smith

b) Maltus

c) Ricardo

d) John Stuart Mill

 

 

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

1) Growth 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) 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 improved.

Rotation of crops introduced.

Steam-plough invented.

Agricultural societies instituted.

• (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

e.g.  

Smelting by pit-coal.

Application of the steam-engine to blast furnaces.

3) improved means of communication

e.g.  

Canal system.

Turnpike road.

Railroad.

 

results:   1)  Great increase in commerce.

     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:

consequences:

 1)  Old relations between masters and men disappeared.

2)  A "cash nexus" was substituted for the human tie.

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 trade.

 

Conclusion:

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