•  (par. 1) The Industrial Revolution  concern about the substitution of competition for the mediaeval regulations which had previously controlled the production and distribution of wealth.

 

In Europe in this period two systems of thought started growing:

 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 the agricultural population

 

• (par. 4) Decrease in rural population.

causes:   

 

     1)  the destruction of the common-field system of cultivation

     2)  the enclosure

     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 self-acting mule

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. 

 invention of smelting

application of the steam-engine to blast furnaces

 3) improved means of communication

e.g. 

water-way

turnpike road

railroad

 

results:  

1) change from independence to dependence

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) the enclosure system

3) the consolidation of farms

4) high price of corn

 

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

1) fall in wages

2) conditions of labour under the factory system

3) rise of prices