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The Cottage Industry and Early Capitalism

The Cottage Industry and Early Capitalism. Merchants’ Role in Cottage Industry. Supplied materials – wool and cotton – to cottages to be carded and spun Took supplies from spinning cottage to weaving cottage to dying cottage to sell finished cloth

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The Cottage Industry and Early Capitalism

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  1. The Cottage Industry and Early Capitalism

  2. Merchants’ Role in Cottage Industry • Supplied materials – wool and cotton – to cottages to be carded and spun • Took supplies from spinning cottage to weaving cottage to dying cottage to sell finished cloth • Merchants sell product for more than material and labor costs = profit + larger investment = higher profit

  3. Capitalism • An economic system based on private ownership, free competition, and profit • Cottage industry is an example of early capitalism

  4. Effects of Cottage Industry • Big profits for new class of merchants • Alternative source of income for peasants

  5. Textile Industry and Factory System

  6. Textile Industry and Factory System • Cottage industry couldn't keep up with demand for textiles • Spinning jenny, water frame, spinning mule improved spinning • Power loom sped up weaving • Cotton gin separated seeds from cotton

  7. Rise of Factory • New machines, often too big for homes, were put in factories • Factories located near power source: coal, iron, water

  8. Effects of Textile Factories in Britain • Prices of mass-produced textiles were much lower than hand-produced items • Britain’s textile industry increased enormously • Majority of villagers forced to leave to find work in urban factories

  9. Why did the industrial revolution begin in Britain • Inventions • Stone and eventually asphalt roads • Canals • Railroad ushered in with the introduction of the Rocket in 1829 • Colonies supplied raw materials • Britain’s natural resources • Coal • Carbon necessary for smelting iron • Steam engines powered by coal • Iron • Farming tools, new factory machines, railways • Smelting makes iron more pure, but requires carbon

  10. Why did the industrial revolution begin in Britain • Large population • Transportation • Railroad • Increased production and increased need to transport goods quickly and cheaply • Fueled other industries : coal, steam engines, iron • Banks lent money to entrepreneurs • Encouraged experimentation

  11. Why did the industrial revolution begin in Britain • Geography • Climate good for textile production • Plenty of natural resources sych as iron and coal • Separation from the European continent kept them out of wars • Social Factors • British society less rigid than other European countries

  12. Why did the industrial revolution begin in Britain • Government • Internal trade encouraged • Population allowed to relocate • Helped build roads and canals • Colonial Empire • Supplied raw materials for manufactured goods • Provided market for goods • Advantages to Industrializing First • No other countries competing for manufactured goods • Monopoly on technology

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