What economic theories supported the Industrial Revolution?
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In the late 18th century, the world economy embarked on a rapid process of change. During this Industrial Revolution, new technologies greatly magnified the productivity of workers, while fossil fuels pushed manufacturing and transportation systems far beyond the natural limits of
human and animal power. As these advances drove the cost of industrial production down, consumption of manufactured goods skyrocketed around the world. By the end of the 19th century, nearly every society on Earth had been affected by the arrival of new products, new means of transportation, new weapons, and new ideas. Scholars have tried to explain the causes of this great transformation since it began. This unit will explain what industrialization is and provide a brief overview of what
the Industrial Revolution was and how it revolutionized people's lives. We will then study different interpretations of economic theory that attempted to account for these dramatic changes, beginning with pre-industrial theories and culminating with current perspectives on the global economy. Completing this unit should take you approximately 9 hours. Upon successful completion of this unit, you will be able to:
Top Questions Where and when did the Industrial Revolution take place?How did the Industrial Revolution change economies?How did the Industrial Revolution change society? (adsbygoogle = window.adsbygoogle || []).push({});What were some important inventions of the Industrial Revolution?Who were some important inventors of the Industrial Revolution?Industrial Revolution, in modern history, the process of change from an agrarian and handicraft economy to one dominated by industry and machine manufacturing. These technological changes introduced novel ways of working and living and fundamentally transformed society. This process began in Britain in the 18th century and from there spread to other parts of the world. Although used earlier by French writers, the term Industrial Revolution was first popularized by the English economic historian Arnold Toynbee (1852–83) to describe Britain’s economic development from 1760 to 1840. Since Toynbee’s time the term has been more broadly applied as a process of economic transformation than as a period of time in a particular setting. This explains why some areas, such as China and India, did not begin their first industrial revolutions until the 20th century, while others, such as the United States and western Europe, began undergoing “second” industrial revolutions by the late 19th century. A brief treatment of the Industrial Revolution follows. For full treatment of the Industrial Revolution as it occurred in Europe, see Europe, history of: The Industrial Revolution. Characteristics of the Industrial RevolutionThe main features involved in the Industrial Revolution were technological, socioeconomic, and cultural. The technological changes included the following: (1) the use of new basic materials, chiefly iron and steel, (2) the use of new energy sources, including both fuels and motive power, such as coal, the steam engine, electricity, petroleum, and the internal-combustion engine, (3) the invention of new machines, such as the spinning jenny and the power loom that permitted increased production with a smaller expenditure of human energy, (4) a new organization of work known as the factory system, which entailed increased division of labour and specialization of function, (5) important developments in transportation and communication, including the steam locomotive, steamship, automobile, airplane, telegraph, and radio, and (6) the increasing application of science to industry. These technological changes made possible a tremendously increased use of natural resources and the mass production of manufactured goods. There were also many new developments in nonindustrial spheres, including the following: (1) agricultural improvements that made possible the provision of food for a larger nonagricultural population, (2) economic changes that resulted in a wider distribution of wealth, the decline of land as a source of wealth in the face of rising industrial production, and increased international trade, (3) political changes reflecting the shift in economic power, as well as new state policies corresponding to the needs of an industrialized society, (4) sweeping social changes, including the growth of cities, the development of working-class movements, and the emergence of new patterns of authority, and (5) cultural transformations of a broad order. Workers acquired new and distinctive skills, and their relation to their tasks shifted; instead of being craftsmen working with hand tools, they became machine operators, subject to factory discipline. Finally, there was a psychological change: confidence in the ability to use resources and to master nature was heightened. Britannica Quiz European History What was the name of Franz Ferdinand’s assassin? Who was known as the Iron Chancellor? From the Irish famine to Lady Godiva, journey through European history in this quiz. What is an economic theory for the Industrial Revolution?Abstract. On the eve of the industrial revolution, new economic theories were sought to displace mercantilism and Physiocracy, and instead promote savings and investment as the main drives of economic growth.
What ideologies were created as a result of the Industrial Revolution?The ideologies engendered by these 19th-century revolutions -- conservatism, liberalism, socialism, nationalism, and even romanticism -- provided their adherents with coherent views of the world and differing blueprints for change.
How does capitalism relate to the Industrial Revolution?Industrialization led to the decline of feudalism in Europe. A new system of society called Capitalism arose in its place. It was an economic system in which the means of production and distribution were privately owned and operated for profit.
What were some theories opposed to capitalism during the Industrial Revolution?What were some theories opposed to capitalism? Economic System in which the factors of production by the government and operate for the welfare of all. No religions and should be peace. All land, mines, factories, railroads, and business would be owned by the people, and all goods and services would be shared equally.
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