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THE INDUSTRIAL REVOLUTION EMERGENCE OF CAPITALISM. HST 103 THE WEST AND THE WORLD. Focus Questions. Why was Great Britain the first state to have an Industrial Revolution? What were the basic features of the new industrial system created by the Industrial Revolution?

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The industrial revolution emergence of capitalism l.jpg

THE INDUSTRIAL REVOLUTIONEMERGENCE OF CAPITALISM

HST 103

THE WEST AND THE WORLD


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Focus Questions

  • Why was Great Britain the first state to have an Industrial Revolution? What were the basic features of the new industrial system created by the Industrial Revolution?

  • What role did government and trade unions play in the industrial development of the Western world? Who helped the workers the most?


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Before the Industrial Revolution

Cottage industry

Production at home, but under the social conditions of capitalism


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German hand-loom weaver


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ECONOMIC TRANSFORMATION

Agricultural Revolution of 18th Century

  • Introduction of New Crops

    • Legumes, turnips, clover, potatoes

    • Scientific Livestock Breeding

    • Enclosure System


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ECONOMIC TRANSFORMATION

  • Rapid Population Growth in 18th Century

  • 1700-1800:110 million to 190 million

  • Better health practices

    • Smallpox Inoculation

    • Sanitation


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INDUSTRIAL REVOLUTION

  • Increased Demand for goods

  • Investment Capital

  • Cheap Labor

  • Inventions

    • Flying Shuttle

    • Cotton Gin

    • Spinning Jenny

    • Power Loom

    • Steam Engine


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Role of Technology

  • Cotton and the spinning jenny

  • Cotton gin (Eli Whitney, 1793)


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The Industrial Revolution

Steam power

Thomas Newcomen

James Watt


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Cotton ProductionFactory System


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INDUSTRIAL REVOLUTION

  • Some Statistics

    • 1760: Britain Imports 2.5 million pounds of raw cotton; mostly processed by hand in cottage system

    • 1787: Britain Imports 22 million pounds of raw cotton; mostly processed by machines and water power

    • 1840: Britain Imports 366 million tons; mostly processed in factories by steam power


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Improved Transportation

Canals

Railroads

Iron Production

Factory System

INDUSTRIAL REVOLUTION


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Role of technology: Iron and steam

  • Iron smelting – coke

  • 1780s – high quality iron (ships, weapons, rails and nails)

  • 1782 – rotary engine


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Role of Technology: railroad

  • Rocket

  • Liverpool to Manchester line (1830)

  • 20 years: 50 mph, 2,000 miles of tracks

  • effects


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Role of technology: transportation Revolution


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INDUSTRIAL REVOLUTION

  • More Statistics

    • 1800: Steam engines generating 10,000 horsepower

    • 1850: 500,000 horsepower stationary engines; 790,000 horsepower in mobile engines


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SPREAD OF INDUSTRIAL REVOLUTION


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SPREAD OF INDUSTRIAL REVOLUTION

  • Great Britain

  • Northern Germany

  • Netherlands

  • Northeastern France


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SPREAD OF INDUSTRIAL REVOLUTION


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Social impacts: factories and their effects


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Urbanization

  • Significant Population Growth

  • Move to the cities--shift of orientation from countryside to city.

  • Housing, public health, crime, sanitation

  • Poor working conditions

  • Child labor; female labor


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Social Impacts: new social classes

  • Working class

  • Child and female labor

  • Working conditions


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Class Consciousness

  • Middle Class—bourgeoisie

  • Working Class—proletariat

  • Peasant

  • Landed Gentry—old aristocracy


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Social and political impacts: middle, entrepreneurial and business classes

  • Concept of “middle class”

  • New business aristocracy


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The Industrial Revolution—from order to classes

Reciprocal obligation?

Thinning of social bonds

Conflicting interests

Where does the bourgeoisie identify their interests?


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Social and political impacts: reforms, regulations and labor organizations

  • Cotton factories Regulation Act (1819)

  • MP Sadler and the Factory Act (1833)

  • Ashley and the Mines Act (1842)

  • Unions, 1824

  • Grand National Consolidated Trade Unions, 1834


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The Emergence of Capitalism in Western Europe

The source of wealth in feudal societies

is the land, agriculture.

In Europe,

as trade became more endemic,

as itinerant traders morphed into respected merchants, and permanent towns replaced occasional fairs,

trade enabled the acquisition of a more ‘liquid’ form of wealth—money.

Early capitalism, also called merchant capitalism or mercantilism, challenged the hegemony of the landed aristocracy.


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Classical Capitalism

As capitalism ‘matured,’

the source of wealth shifted to industry;

In classical capitalism,

instead of ‘adding value’ by merely moving a commodity in time and space,

value is added in a production process

in which resources are transformed into products—

goods and services—ostensibly more valuable to consumers than the cost of the factors of production employed to produce them.The value added, when realized, is profit.


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ECONOMIC LIBERALISM

  • Adam Smith, The Wealth of Nations, 1776

    • Laissez-faire economics

    • “Hidden hand”

  • Thomas Malthus (1766-1834), Essay on the Principles of Population

    • Geometric Growth of Population

    • Arithmetic Growth of Food Supply

  • David Ricardo (1772-1823), Principles of Political Economy

    • “Iron Law of Wages”


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Adam Smith

1723-1790

  • The Wealth of Nations, 1776

  • Economic Liberalism

  • laissez faire

  • The Hidden Hand

  • Theory of Progress

Role of government limited to national defense, domestic justice

and public works


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The Hidden Hand of the laissez-faire economy

“Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in view. But the study of his own advantage, naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to the society….” Adam Smith

“…he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part his intention.” Adam Smith


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Thomas Malthus1766-1834

“Population, when unchecked, increases in a geometrical ratio. Subsistence only increases in an arithmetical ratio. A slight acquaintance with numbers will show the immensity of the first power in comparison of the second.” Thomas Malthus

Who is mainly responsible for poverty?


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David Ricardo

172-1823

  • David Ricardo (1772-1823), Principles of Political Economy

    • “Iron Law of Wages”


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Socialism

  • Utopian Socialism

    • Henri de Saint-Simon (1760-1825)

    • Charles Fourier (1772-1837)

    • Robert Owen (1771-1858)

  • Scientific Socialism

    • Karl Marx (1818-1883)

      • Communist Manifesto (1848)

      • Das Kapital

    • Friedrich Engels (1820-1895)


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Karl Marx(1818-1883)

not only anticipated

the ability

of capitalism to achieve unprecedented rates of economic growth

but also predicted

the exacerbation of income inequality:

a larger pie but more disparate slices


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Marx and Alienated Labor (Labour)

“The devaluation of the human world increases in direct relation with the increase in value of the world of things. Labour does not only create goods; it also produces itself and the worker as a commodity, and in the same proportion as it produces goods.

1818-1883

Karl Marx (1818-1883)


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Communism

  • Economics as the Foundation

  • Mode of Production

  • “The history of all hitherto existing society is the history of class struggle.”

  • Theory of “surplus value.”

  • Dialectical Materialism

  • Mode of Production and material conditions drive ideas

  • Violent Revolution as inevitable

  • Classless Society -- bourgeois state will “wither away.”


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Political and Economic Liberalism

The Inherent Tension or Heilbroner’s Two Realms

“…capitalism is unique in history in having not one

but two centers of authority, one built around the

‘economic’ prerogatives of the business system,

the other around the ‘political’ prerogatives of the

governmental system.”


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Political and Economic Liberalism

The Inherent Tension or Heilbroner’s Two Realms

“…there is an inherent pulling apart in a social order composed of two realms---one built on the verticality of wealth, the other on the horizontality of democracy.”

Wealth

&

Class

Equality

Democracy

Capitalism


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Declaration of Rights of Man & Citizen, 1793

  • 21. Public relief is a sacred debt. Society owes maintenance

    • to unfortunate citizens, either procuring work for them

    • or in providing the means of existence for those who

    • are unable to labor.

  • 22. Education is needed by all. Society ought to favor with

    • all its power the advancement of the public reason and

    • to put education at the door of every citizen.

  • 34. There is oppression against the social body when a single

    • one of its members is oppressed: there is oppression against

    • each member when the social body is oppressed.

  • 35. When the government violates the rights of the people,

    • insurrection is for the people and for each portion of the

    • people the most sacred of rights and the most indispensable

    • of duties.


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Political and Economic Liberalism

The Inherent Tension or Heilbroner’s Two Realms

“…there is an inherent pulling apart in a social order composed of two realms---one built on the verticality of wealth, the other on the horizontality of democracy.”

Wealth

&

Class

Equality

Democracy

Capitalism


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Conclusions and Consequences: New kind of economy

  • Continuous, rapid, self-sustaining economic growth came to be seen as fundamental characteristic of new economy


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