1 / 9

Essential Questions What new ideas about economics developed during the Industrial Revolution?

New Ideas in a New Society. Main Idea The Industrial Revolution inspired new ideas about economics and affected society in many ways. Essential Questions What new ideas about economics developed during the Industrial Revolution? What competing economic ideas arose as a result?

tstiff
Download Presentation

Essential Questions What new ideas about economics developed during the Industrial Revolution?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. New Ideas in a New Society Main Idea The Industrial Revolution inspired new ideas about economics and affected society in many ways. • Essential Questions • 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?

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

  3. 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

  4. Robert Owen Karl Marx • - Socialism • Society owns property • Society controls business • Model industrial town • est. New Harmony, Indiana as a model, hoped to be a utopia • More radical socialism • Predicted collapse of capitalism • Communism • Government • owns means of production • controls economic planning Competing Economic Views Not everyone agreed that laissez-faire capitalism was good.

  5. 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.

  6. 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 • More leisure time and money • 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.

  7. 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

More Related