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 is: one of the most important facts of English history
Substitution of competition for medieval regulations about the production and distribution of wealth

It led to growth of two systems of thought:
1) Economic science 2) Socialism

a) Adam Smith Wealth of Nations (1776)

b) Malthus Essay on Population (1798)

c) Ricardo Principles of Political Economy and Taxation (1817)

d) John Stuart Mill Principles of Political Economy (1848)

 

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

1) Fast growth of population

2) Positive decline in the agricultural population

• (par. 4) Decrease in rural population.
causes:

1) destruction of the common-field system of cultivation

2) enclosure of common and waste lands

3) consolidation of small farms into large

• (par. 5) Agricultural advance.
cause — more scientific approach:
e.g.

1) Extension of arable cultivation

2) Improvement of cattle breeding

3) Introduction of: steam-plough, rotation of crops

4) Institution of agricultural societies

• (par. 6-7) Growth of industry.
causes;
1) mechanical inventions in textile industry
e.g.

1) The spinning-jenny, patented by Hagreaves in 1770

2) The water-frame, invented by Akwright in 1769

3) Crompton's mule introduced in 1779

4) The self-acting mule first invented by Kelly in 1792

most important:

1) Steam engine

2) The power-loom

2) mechanical revolution in iron industry
e.g.

Smelting by pit-coal

3) improved means of communication
e.g.

1) Railroad

2) Turnpike road

3) The canal system (for example in 1777 the Grand Trunk)

results:

1) .. extraordinary 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:

The farmers shared in the prosperity of the landlords; for many of them held their farms under beneficial leases, and made large profits by them.

consequences:

1) they ceased to work and live with their labourers

2) they became a distinct class

3) class conflict.

 

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

1) Fall in wages

2) The rise of prices

3) Those sudden fluctuations of trade

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