Industrial Revolution

1
Industrial Revolution

• Prosperity and Despair

2
New Economic Theories
Adam Smith In his book, The Wealth of Nations,
Smith argued that governments should follow a
policy of Lassiez-Faire. The market forces should
decide the conditions of the market.
David Ricardo If there is a large labor force,
wages will be low, if there is a small one, wages
will be high. That is the iron law of wages.
Thomas Malthus In his book, Essays on the
Principles of Population, he asserted that
population growth outstrips the food supply. If
the poor had less children they would not be as
poor.
3
Growth of the Middle Class

• Development
• Need for managers and professional workers
• Characteristics
• Nuclear Family
• Family Roles
• Values
• Maintaining and/or improving status
• Puritan work ethic
• Cult of Domesticity
• Improving society

4
Changing Values

• Puritan Work Ethic
• Rags to Riches Dream
• Conspicuous Consumption
• Emphasis on Education
• Life by the clock

5
Harsh Working Conditions

• Low Wages
• Unsafe Conditions
• Long Hours
• No retirement or health benefits
• Child Labor

6
Breakdown of the Family

• Role of the Father Diminishes
• Child Labor
• Loss of Community
• Increases in Alcoholism

7
Benefits of Industrialization

• Higher standards of living for many
• Cheaper and more plentiful goods
• Better transportation and communication
• Rise of public education
• Advances in medicine and sanitation

8
Socialism

• Karl Marx
• Believed industrial capitalism exploited lower
  classes (the proletariat)
• Believed the proletariat would overthrow the
  upper class (bourgeoisie) and create a classless
  society

9
Socialism vs. Capitalism

• Socialism
• Industry run by government/workers
• No social classes
• Wealth is distributed by the government to the
  workers

• Capitalism
• Industry run by private owners
• Lower, middle, and upper classes
• Wealth is sought through competition