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Review Questions

Which of the following was NOT a new method of production used during the Industrial Revolution?

a) interchangeable parts

b) Assembly line

c) Both A and B

d) Putting out method

Review Questions

Why did tourists begin to come to cities?

a) To enjoy the theater

b) To enjoy music and opera

c) To enjoy museums and libraries

d) All of the above

Which country was the second country to industrialize?

A) Britain

B) Belgium

C) The United States

D) France

Main Points

  • Why do the poor do all the work and the rich get all the money?
  • The bourgeoisie live off of the labor of the proletariat
  • The rich are getting richer off of the work and the suffering of the workers
  • Against capitalism
  • Workers will rise against the middle class and rich
  • Government must get involved to make condition fair for workers

Impact on Industrialism - encouraged the workers to unite against the bosses and form unions

Karl Marx

Wrote: The Communist Manifesto and Das Kapital

Said society consisted of 2 classes - proletariat (working class) and bourgeoisie (middle class)

His ideas became known as Communism - a political and economic system in which the major productive resources in a society—such as mines, factories, and farms—are owned by the public or the state, and wealth is divided among citizens equally or according to individual need.

Main Points

  • Why are some countries rich and some poor?
  • Selfishness is good
  • Invisible hand of Self-interest
  • Workers need managers and managers need workers
  • Competition is good - it creates the best products at the best prices
  • Laissez-faire means "let do," but more than that = leave it alone!
  • Government should stay out of the economy

Impact on Industrialism - Encouraged the growth of business and industry at the expense of the workers

Adam Smith

Wrote: An Inquiry into the Nature and Cause of the Wealth of Nations

Believed in Laissez-faire - "let do" or "leave it alone"

His ideas became known as Capitalism - the working class are exploited by the capitalist class. The capitalists live off the profits they obtain from exploiting the working class whilst reinvesting some of their profits for the further accumulation of wealth.

Economic Theories of the Industrial Revolution