Modern World History Lecture

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Modern World HistoryLecture 7

• Industrialization
• 1740-1870

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Themes

• The industrial revolution gave Western nations
  the technological and economic might to expand
  their empires.
• Industrialization came at a social cost and
  sparked a debate over the role of government in
  regulating businesses.

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Requirements for Industrialization

• Investment capitalAtlantic system
• Raw materialsCoal and iron in N.W. Europe
• Available workforcePopulation growth and
  urbanization
• Risk taking entrepreneursCompetition
• Government support or interestNational defense
• MarketsPopulation growth and colonies

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British Advantages

• Fluid class systemEncouraged entrepreneurialism.
• Transportation systemCanals, sea coasts
  integrated the economy and lowered costs.
• Commercial societyMore bankers and merchants
  interested in investment.
• Experimentation and implementationBirmingham
  Lunar Society.
• Enclosure movementCreated an available workforce.

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Spinning Jenny
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Power Loom
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Watt Steam Engine
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Eerie Canal
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Cotton Gin
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Adam Smith
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Adam Smith and Laissez-Faire Economics

• When did Adam Smith write The Wealth of the
  Nations?
• What were his criticisms of mercantilism?
• What natural laws did he identify in economics?

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Horatio Alger
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New Lanark
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Chartist Movement

• Universal Male Suffrage
• Annual Parliaments
• Voting by secret ballot
• Equalization of electoral districts
• Remove property qualifications for members of
  Parliament
• Pay salary to members of Parliament