frosh u.s. industrial revolution intro
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Introduction to theIndustrial Revolution
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What is the Industrial Revolution?
Mechanization or automation of production
Use of new energy sources
Emphasis on efficiency
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Why did the Industrial Revolution begin in England and continue in the United States?
Natural Resources
Labor
Wealth (capital)
Political Stability
*The Factors of Production*
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EFFICIENCY--How can we produce things faster and in larger amounts for less money?
What is the Primary Goal of the Industrial Revolution?
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application of the scientific method & “scientific management”
creation of the factory system
development of new inventions and methods
reduce cost of production
How is efficiency achieved?
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impact of new scientific ideas
leads to the factory system
Use of the Scientific Method
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timing of steps
ability to determine production
effects: pros and cons
Time is money!
Sci. Mgmt: Fredrick Taylor
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centralized work place
mechanized production
division of labor/assembly line
interchangeable parts
FACTORY SYSTEM
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New Inventions
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Impact of Reduced Cost of Productionmore goods can be produced = *potential* for more profit
long-term impact on standard of living
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investing capital--anything of value--with the specific purpose of making a profit
Adam Smith and The Wealth of Nations
fair competition leads to prosperity
laissez-faire
importance of cosumerism and expansion
Capitalism
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• “social Darwinism”• natural selection
• survival of the fittest
Charles Darwin
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The EndThanks for listening