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

led to growth of two systems of thought:

 

1) Economic science                      2) Socialism

 

a)Adam Smith

b)Malthus

c)Ricardo

d) John Stuart Mill

 

 

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

1)growth of population

2)decline in agricultural population

 

 

• (par. 4) Decrease in rural population.

causes:     1)  Destruction of the common-field system of cultivation

     2) Enclosure

     3) Consolidation of small in large Farms

• (par. 5) Agricultural advance.

cause — more scientific approach:

e.g.  

Rotation of crops

Breed of cattle

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

e.g.  

Smelting by pit-coal

Steam-engine

3) improved means of communication

e.g.  

Canal system developed

Increase of roads

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)Enclosure system

2)Consolidation of farms

3)Money invested

4) high price of corn

social changes in country life:

• (par. 9) Social changes in manufacturing world: Capitalist employers took no part personally in the work of their factories

consequences:

 1)  Relationship between masters and men disappeared

2) “Cash nexus” substituted for the human tie

3) class conflict.

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

 

1)Fall in wages

2)Rise of prices

3)Sudden fluctuations of trade

 

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