•  (par. 1) The Industrial Revolution
Substitutes the competition for the medieval regulation which had previously controlled the production and distribution of wealth. Those facts
led to growth of two systems of thought:
 
1) Economic science                      2) Socialism
 
a) Adam Smith 1776
b) Malthus 1798
c) Ricardo
d) John Stuart Mill 1848          
 
 
 • (par. 2-3) Facts of Industrial Revolution.
1) growth of population
2) relative and positive decline in the agriculture population
 
 
• (par. 4) Decrease in rural population.
causes:     1) destruction of the common field system of coltivation
     2)   the enclosure of common and waste lands
     3)   consolidation of small farm into large
• (par. 5) Agricultural advance.
cause — more scientific approach:
e.g.  
 The breed of cottle
 Rotation of crops
 Invention of the steam-plough
Sostitution of large for small farms
• (par. 6-7) Growth of industry.
causes;
1) mechanical inventions in textile industry
e.g.  
 Spinning-jenny 1770
 Water-frame 1771
 Cromptom’s mule 1779
 Self-acting mule 1792
most important:
steam engine
 Power loom
 
2) mechanical revolution in iron industry
e.g.  
 Smelting by pit-coal
 Steam engine to blast furnaces
3) improved means of communication
e.g.  
 Water way
 Turn pike road
 Railroad
 
results:   1) 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)enclosoure sistem
2)rental of land
3)consolidation of farms
4) high price of corn
social changes in country life:
• (par. 9) Social changes in manufacturing world: new class of great capitalist employers
consequences:
 1)  relation between masters and men disappeared
2)  cash nexus was substituted for the human tie
3) class conflict.
• (par. 10) Misery of working people often caused by:
 
1)bad condition of working in farms
2)sudden fluctuation of trade
3)high price of bread before repeal of the corn-laws
 
Conclusion:
 This process was characterized by a wealth without human welfare.