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 the 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

b) Malthus

c) John Stuart Mill         

d) Ricardo

 

• Par 2-3.

Facts of Industrial Revolution:

1) Growth of population

2) Decline in the agricultural population

 

• Par. 4

The causes of the decrease in rural population:

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

2) The enclosure of common and waste lands

3) The consolidation of small farms into large.

 

• Par. 5

Agricultural advance.

Cause — more scientific approach:

1)      The breed of cattle

2)      Rotation of crops

3)      The steam-plough

4)      Agricultural societies

 

• Par. 6-7

Growth of industry. Causes:

1) mechanical inventions in textile industry

e.g. 

a) The spinning-jenny

b) The water-frame

c) Crompton's mule

d) The self-acting mule

Most important:

a)Steam engine

b) Power-loom

2) mechanical revolution in iron industry

e.g. 

a) Smelting by pit coal

b) Steam-engine to blast furnaces

3) improved means of communication

e.g. 

a) Gran Trunk Canal

b) Turnpike

c) Railroad

Results:   1)  Extraordinary increase of 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

 

• Par. 9

Social changes in manufacturing world: The new class of great capitalist employers made enormous fortunes.

Consequences:

 1) The old relations between masters and men disappeared

2)  A "cash nexus" was substituted for the human tie

3) Class conflict.

 

 

• Par. 10

Misery of working people often caused by:

1)Conditions of labours under the factory system

2)Rise of prices

3) Fluctuations of trade

 

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