The Industrial Revolution: is the sostitution of competition for the medieval regulations which had previously controlled the production and distribution of wealth.

Led to the growth of two systems of thought:

1)       Economic science

2)      Socialism

• Adam Smith
• Malthus
• Ricardo
• John Stuart Mill

Facts of Industrial Revolution

• Great rapidity which marks the growth of population
• Decline in the agriculture population

Decrease in rural population causes

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

Agriculture advance cause more scientific approach

• Rotation of crops introduced
• Steam-plough invented
• The breed of cattle improved
• Agriculture societies

The growth of industry causes

1)      Mechanical inventions in textile industry

• Spinning-jenny
• The water frame
• Self-acting mule
• Crompton’s mule

Most important: steam engine and power-loom

2)      Mechanical revolution in iron industry

• Invention of smelting  by pit-coal
• By the application of steam-engine to blast furnaces

3)      Improved means of communication

• Canal systems
• Roads improved
• Rail road

Results: increase in commerce and substitution of factory system for domestic system

Revolution in distribution of wealth rise in rents caused by

• Enclosures system
• Consolidation of farm
• Money invested
• High price of corn

Social changes in country life:

1)       change in the balance of politcal power

2)      Change in the relative position of classes

Social changes in manufacturing world: farmers shared prosperity of the land lords

Consequences

• They ceased to work and live with their labourers
• Changes in their habits
• Beginning of creation of a distinct class

Misery of working people after caused by

1)      Condition of labour factory system

2)      Rise of prices

3)      Sudden generations of Frade