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

The substitution of medieval laws which controlled production and distribution of wealth until the nineteenth century led to growth of two systems of thought:
 
1) Economic science                      2) Socialism

 

a) Adam Smith substitution of industrial freedom for a system of restriction
b) Malthus causes of poverty, theory of population
c) Ricardo ascertain the laws of distribution of wealth
d) John Stuart Mill distinction between laws of production and distribution of wealth
 
 
 • (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) Destruction of common-field system of cultivation
2) Enclosure, on a large scale, of common and waste lands
    3) Consolidation of small farms into large

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

 Breed of cattle improvement
 Rotation of crops introduction
 Steam-plough invention
Agricultural societies institution
• (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
 Engine for a cotton-mill
 
2) mechanical revolution in iron industry
e.g.  

 invention of smelting by pit-coal
 application of the steam-engine to blast furnaces
3) improved means of communication
e.g.  

the canal system was being rapidly developed throughout the country
a thousand additional miles of turnpike road were constructed
railroad
 
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) an enormous rise in rents
2) the effect of the enclosure system
3) the consolidation of farms
4) high price of corn
social changes in country life:
• (par. 9) Social changes in manufacturing world: a change in the balance of political power and in the relative position of classes.
consequences:
 1) labourer became a distinct class
2) more money coming into their hands
3) class conflict.
• (par. 10) Misery of working people often caused by:
 

1) a fall in wages
2) the rise of prices
3) sudden fluctuations of trade
 
Conclusion:
The effects of the Industrial Revolution prove that free competition may produce wealth without producing well-being.