The Industrial Revolution - · PDF fileEconomics and the Industrial Revolution ! Capitalism—system of privately owned businesses ... Small, elite group own production of goods in

The Industrial Revolution Chap 19-25

The Industrial Revolution

�  begins in Britain

�  strong impact on economics, politics, and society

�  Industrialization—move to machine production of goods

Why Great Britain? �  Flow of capital!�  Second agricultural revolution!�  Mercantilism and cottage industries!�  Resources: coal, iron ore, and water power!

Inventions and Industrialization

�  Begins in Britain

�  Factories—buildings that contain machinery for manufacturing

�  Replaces Cottage Industries

�  James Watt “Father of Industrial Revolution” �  Improvements on steam engines

�  Lead to powering trains and ships

�  Eli Whitney – Cotton Gin

�  Thomas Edison – Electric Light Bulb

�  Samuel FB Morse – Telegraph

�  Alexander Graham Bell – Telephone

Effects of the Industrial Revolution

�  Urbanization – Movement of people from rural farm areas to cities

�  JOBS!

�  Lower costs of products due to mass production

�  Population Growth

�  Improvements in transportation

�  Overcrowding in Cities

�  Labor Unions

�  Higher Standard of Living

�  POLLUTION!

Economics and the Industrial Revolution

�  Capitalism—system of privately owned businesses seeking profits

�  Socialism—factors of production owned by, operated for the people

�  Communism - Karl Marx—German philosopher �  Wrote Communist Manifesto �  Haves and the Have-notes �  Communism: Small, elite group own production of

goods in a country

Building a German Empire

�  Otto von Bismark becomes chancellor of Germany

�  Kaiser (leader) William I of Prussia �  Unite and rule together as 2 of the most powerful men in Europe �  Unifies as a German states �  Birth of the second Reich

�  Germany becomes an industrial leader in Europe

�  Bismark had funded largest army in Europe, built a strong navy, increased German nationalism

�  Nationalism: Extreme pride in a country (or nation)