Tuesday 4/26/11Tuesday 4/26/11Please get out your Essay Article

to be collected.

Wednesday- Quiz on Industrial Revolution

Today: Complete Industrial Revolution Quiz Review Questions and Review worksheet pg. 22

Industrial Revolution Industrial Revolution ReviewReview

1. Why did the Industrial Revolution start in Britain? (4 reasons-sect 1)

2. What agricultural developments helped the Ind. Rev.? (Use two vocab. Terms-sect 1)

3. Describe how water helped build the Ind. Rev.4. How were workers treated in factories? What steps did

they take to protect themselves? (Use 2 vocab. Terms-sect 4)

5. How did James Watts’ invention help change where factories were located?

6. How did the change in transportation help the Ind. Rev.?7. Describe how factors of production were needed to

produce goods?8. Define the following: Industrialization, Corporation,

Stock, Karl Marx, Communism, Adam Smith, Capitalism, Jane Addams

ReformsReformsInd. Rev. caused growing gap

between rich and poor.Business leaders-governments

stay out of economicsReformers-governments should

improve conditions for poorLabor unions increase influence

Adam Smith Adam Smith 1776 Wealth of NationsThree natural laws of economics:

◦Law of self interest- people work for their own good

◦Law of competition- competition forces better products

◦Law of supply and demand- enough goods produced at lowest price to meet demand

CapitalismCapitalismCapitalism-an economic system

in which the factors of production are privately owned and money is invested in business ventures to make a profit.

Factors of production- Land, labor and capital

SocialismSocialismContrast to laissez-faire-

governments leave economy alone

Socialism-governments should intervene

Socialism- factors of production are owned by the public and operate for welfare of all

Socialism-UtilitarianismSocialism-UtilitarianismJeremy Bentham-English

philosopherGovernment should promote the

greatest good for the greatest number of people

People should judge ideas based on their usefulness

Socialism-UtopianismSocialism-UtopianismRobert Owen-British factory

ownerBuilt worker homes, schooled

children1824-traveled to US-New

Harmony, Indiana

Radial Socialism-MarxismRadial Socialism-MarxismKarl Marx, German journalistWith Friedrich Engels, wrote Communist

ManifestoProletariats revolt against bourgeoisie…Produce for the welfare of communityAll would be owned by the people and

organized by dictatorship at firstDictatorship would wither and leave pure

“communism”Unions and reforms never let the revolt

happen