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Preview Main Idea / Reading Focus New Ideas about Economics Competing Economic Views

Explore the competing economic views and effects of the Industrial Revolution on society. Discover new ideas about economics, from capitalism to socialism, and the shifts in wealth, power, and individual roles. Witness the emergence of laissez-faire economics and socialist thought, alongside the changing landscape of home life and the roles of women. Karl Marx's ideology and the rise of communism are juxtaposed with the challenges faced by early industrial societies. Gain insights into the significant economic transformations that shaped modern societies as a result of industrialization.

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Preview Main Idea / Reading Focus New Ideas about Economics Competing Economic Views

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  1. Preview Main Idea / Reading Focus New Ideas about Economics Competing Economic Views Effects on Society Quick Facts: Effects of Industrialization on Women Map: Industrialized Europe New Ideas in a New Society

  2. Preview, continued Visual Study Guide / Quick Facts Video: The Impact of Industrialization New Ideas in a New Society

  3. New Ideas in a New Society Main Idea The Industrial Revolution inspired new ideas about economics and affected society in many ways. • Reading Focus • What new ideas about economics developed during the Industrial Revolution? • What competing economic ideas arose as a result? • How did the Industrial Revolution affect society?

  4. The Industrial Revolution Begins Witness History Audio: The Struggle of the Working Class Witness History Audio: Nearer My God to Thee Witness History Audio: A Doctor’s Concerns Section 4: New Ways of Thinking Laissez-Faire Economics Economists during the Enlightenment tried to grapple with how the Industrial Revolution would affect the working class. Views ranged from dire (Thomas Malthus and David Ricardo) to optimistic (Adam Smith). 1 of 5

  5. Capitalism and Competition New Roles for Business Leaders • Old mercantile system restricted trade • Laissez-faire economics • Adam Smith, market economy • Thomas Malthus, poverty unavoidable • Industrialization succeeded and spread • Shift in wealth and power • Entrepreneur • Banking and finance • Andrew Carnegie, rags to riches • Robber barons New Ideas about Economics

  6. Summarize What were some of the new ideas about economics? Answer(s): mercantilism gave way to capitalism and competition, laissez-faire economics and The Wealth of Nations allowed for increased role of entrepreneur

  7. The Industrial Revolution Begins Utilitarians for Limited Government Utilitarianism emerged from the Industrial Revolution. This was the idea that governments should intervene in an economy in order to improve the lives of the working class—or at the very least protect them from harm. Note Taking Transparency 130 Section 4: New Ways of Thinking Socialist Thought Emerges Some sought to end the problems of the Industrial Age by instating socialism. Utopian communities sprang up that tried to live according to a socialist model. 2 of 5

  8. Home Life Countries Societies • Worlds of work and home separated • “Separate spheres” • Business world-without moral controls • Women-moral guidance at home • Industry-great power • Control of other nations’ economies • Industrialization of United States • Period of immigration to United States • Increase in wealth • Standard of living improved • Leisure time • Changes to many aspects of life: • Art • Politics • Transportation Effects on Society The rise of new economic ideas was among the countless effects of the Industrial Revolution. The shift away from cottage industries also affected home life and the roles of women in society.

  9. The Industrial Revolution Begins Karl Marx Explains Class Struggles German philosopher Karl Marx came up with the idea of communism as a solution to what he saw as a struggle between workers and business owners. Communism would create a classless society in which all means of production would be owned by everyone equally. Marxism in the Future Some Marxist ideas were put into practice in Germany, Russia, and other countries. The practical failures of these ideas quickly became evident, however, and this economic model is now nearly extinct. Section 4: New Ways of Thinking QuickTake Section Quiz Progress Monitoring Transparency QuickTake Section Quiz 3 of 5

  10. Robert Owen Karl Marx • More hopeful than Malthus • Socialism • Society owns property • Society controls business • Model industrial town • New Harmony • Social democracy • More radical socialism • Predicted collapse of capitalism • Das Kapital • Communism • Government • owns means of production • controls economic planning Competing Economic Views Not everyone agreed that laissez-faire capitalism was good. Two who took a different stance were Robert Owen and Karl Marx.

  11. Infer Why did capitalism provoke strong response from the socialists? Answer(s): Socialists blamed capitalism for harsh working conditions, polluted cities, and the big gaps between rich and poor.

  12. Identify Cause and Effect What were some of the major effects industrialization had on families and countries? Answer(s): families—wealth, leisure time, better educated; countries—increased power, wealth, and living standards; overcrowding of cities, pollution, rapid population growth

  13. VideoThe Impact of Industrialization Click above to play the video.

  14. The Industrial Revolution Begins: Section 4 Note Taking Transparency 130 4 of 5

  15. The Industrial Revolution Begins: Section 4 Progress Monitoring Transparency 5 of 5

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