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SS 9: Industrial Revolution: Economics

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by

Devon Allen

on 18 March 2014

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Transcript of SS 9: Industrial Revolution: Economics

The Industrial Revolution
An Economic Revolution
Defining the Key Terms:
Entrepreneur:
Franchise:
Self-Interest:
Government & Business
England had a pro business government because many entrepreneurs were members of parliament.
Two Party System
Tories
Whigs
TORIES
WHIGS
Rich Landowners
Middle-Class Business People
WHIGS
Laissez-Faire
Laissez-Faire: business and industry would be as a free as possible from government rules and regulations.
If you are free from government control, you would be motivated to make your business the biggest and most profitable.
This would create $ and $ would benefit everyone!
This system allowed for new technologies to be invented and industries to thrive: textiles, coal, and iron etc.
What are the disadvantages to allowing a Laissez-Faire Policy?
Owners wanted to keep wages as low as possible.
Workers had very few rights.
Working Conditions were often unsafe
How would these two parties see differently about how industry should be run?
MIX it all UP
The Textile Industry
Textiles: Cloth and Cloth Products
What are your clothes made out of today?
During the industrial Revolution textiles were made of plant or animal fibers: wool from sheep, silk from silk worms, and linen from flax.
Britain = well suited for raising sheep wool very important industry.
It was high quality and in high demand all over Europe.
What are most of your clothes made of now?
What kind of climate do you need to grow it?
A growing demand for a cotton industry led Britain to expand its colonies:
Not only was expansion key to British success, but also invention.
What kind of invention would lead to success?
“From Rags to Riches” came alive during the industrial revolution when inventions in the textile industry literally raised people from poverty to financial giants!
Invention: “From Rags to Riches”
Full transcript