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 essence of the Industrial Revolution

The Industrial Revolution is a convenient phrase to describe the change from an agrarian and maritime economy to an industrialised economic system. It isthe substitution of competition for the mediaeval regulations which had previously controlled the production and distribution of wealth. it led to growth of two systems of thought:

 

1) Economic science                      2)  Socialism

a) Adam Smith's Wealth of Nations

b) Malthus' Essay on Population

c) Ricardo's Principles of Political Economy and Taxation

d) John Stuart Mill's Principles of Political Economy

 

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

1)  growth of population

2)  decline in the agricultural population

 

 • (par. 4) Decrease in rural population.

causes:     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 small farms into large

• (par. 5) Agricultural advance.

cause - more scientific approach:

e.g.  

breed of cattle

rotation of crops

the steam-plough

agricultural societies

 

• (par. 6-7) Growth of industry.

Causes:

1) mechanical inventions in textile industry

e.g.  

James Hargreaves' spinning jenny( 1770)

Arkwright's water-frame( 1669)

Crompton's mule introduced in 1779

Kelly's self-acting mule( 1792)

 

most important:

steam engine

power-loom

 

2) mechanical revolution in iron industry

e.g.  

the invention of smelting by pit-coal

application of the steam engine to blast furnaces(1788)

 

3) improved means of communication

e.g.

canal system

road

railroas

 

results:

1) expansion of trade

2) substitution of factory system for domestic system.

 

• (par. 8) Revolution in distribution of wealth:

rise in rents caused by:

enormous rise in rents

enclusure system

consolidation of farms

high price of corn

consequences:

1) lost of common rights

2) alienation between farmer and labourer

3) class conflict.

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

fall in wages

rise of prices

fluctuations of trade

 

Conclusion:

Free competition may produce wealth without producing well-being.