9.1 Industrial Capitalism in Europe
9.1.1 Political, Economic and Social Effects of Industrial Revolution
Industrial Revolution
• Originated in late 1700s in Great Britain.
• Spread globally between 18th and 19th centuries.
• New manufacturing processes in Europe and US.
• Before it society met economic needs through farming and handmade articles.
Industrial Revolution Impact on European Life
• Transition from hand production to machinery.
• Difficulty in transitioning from traditional to technologically driven production.
• Shift from cloth production to large factories.
• Britain's abundant coal and iron resources crucial for powering and producing factories.
Capitalism Consolidation in Europe
• Changes in producing cloth, iron, steel.
• Replacement of manual work with new machines.
• Enabled large-scale production of goods.
9.1 Industrial Capitalism in Europe
Capitalism Evolution and Characteristics
• Emergence of capitalism in Northwestern Europe, particularly in Great Britain.
• Industrial capitalism involves large, centrally controlled capital accumulations used to finance commodity production.
• Technological advancements contributed to the rise of industrial capitalism.
• Characteristics include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, and wage labor.
• New technologies like telephones, typewriters, brainstorming, and electricity facilitated business operations.
Industrial Capitalism's Impact on Europe and North America
• Industrial capitalism challenged mercantilist trade barriers and monopolies.
• By mid-19th century, Britain fully embraced laissez-faire economy.
• Liberalism, trade competition, and free-market economy became main political and economic philosophies.
• Britain was seen as the world's workshop by 19th century.
• Industrial capitalism's driving forces impacted Europe and North America.
9.1 Industrial Capitalism in Europe
Steam Engine Technology and Railway Development
• Initiated steam-powered locomotive engines in early 19th century.
• Railways enabled political, cultural, and economic integration of continents.
• British built railways in India in 1850s.
• First transcontinental railroad opened in North America in 1869.
• Reduced transport costs, made new supply sources accessible, and opened new markets.
Industrial Revolution's Impact on Political, Social, and Economic Structures
Political Impact:
• Increased power of monopolies in industries led to displacement of laborers.
• Rise of industrial capitalism coincided with rise of strikes and labor protests.
Social Impact:
• Growth of cities and emergence of bourgeoisie and proletariat classes.
• Bourgeoisie owned factories, machines, and finished goods.
• Proletariats sold labor for wages, faced unemployment, poor working conditions, and class differences.
Economic Impact:
• Transformed agriculture and handicrafts economies to large-scale industry, mechanized manufacturing, and factory system.
• Increased wealth, production, and living standards.
• Access to healthier diets, better housing, education, and cheaper goods.
Negative Effects:
• Environmental degradation, poor sanitation, disease spread, pollution, poor working conditions, low wages, and child labor.
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