Sources

1
Sources

• Adam Smith/ 151-155
• Testimony/ 240-246
• Karl Marx/ 249-253
• Question to consider. What caused the changing
  view of the nature of how much governmental
  influence should occur in the economy of a
  country?

2

• Week Twenty-Two (February 7-8)
• Day 1 French revolution and Frontload 22
• Day 2 Chapter 22 Quiz and Discussion question
• Week Twenty-Three (February 14-18)
• Day 1
• Adam Smith/ 151-155
• Testimony/ 240-246
• Karl Marx/ 249-253
• Question to consider. What caused the changing
  view of the nature of how much governmental
  influence should occur in the economy of a
  country?
• Day 2 Chapter 23 Quiz

3
Major Changes

• The Congress of Vienna
• Britain, Russia, Prussia, and Austria
• Restore French Monarchy
• Fight liberal movements across Europe
• Created a Balance of Power of super powers
• Independence of Latin America
• Rise of Nationalism
• National self-determination
• Greece
• Democratic reform throughout US and Europe

4
Chapter 22
5
(No Transcript)
6
(No Transcript)
7
(No Transcript)
8

• A 24-25
• A- 23
• B 20-22
• C 18-19
• D 15-17
• F 0-14

9
Causes of the Industrial Revolution

• Population Growth
• Food- more and easier to grow with a financial
  investment
• Migration to cities
• increasing demand for goods
• increase of trade
• increase of innovations

10
Britain

• Economic growth
• Population growth
• Ingenuity
• A lot of Iron and coal
• Merchant ships
• Rivers
• Transportation
• Powering early mills
• Continental Europe slowed by Napoleonic Wars

11
Technological Revolution

• Mass Production
• Pottery
• Specialization
• Mechanization
• Cotton and textiles
• Iron
• coke and puddling
• new building techniques
• interchangeable parts
• Firearms and farm equipment
• sewing machine industries
• The Steam Engine
• 1769 James Watt
• New locations for factories
• Transportation revolution
• Railroads
• Telegraph

12
Effects of Industrialization

• New Industrial Cities
• Socially stratified neighborhoods
• Filthy
• Unhealthy
• Working Conditions
• Dangerous, low paying, boring
• Womens lives changed
• Child Labor
• Social changes
• Social stratification
• New Middle class began to emerge

13
New Economic and Political Ideas

• Laissez Faire capitalism
• Adam Smith
• Positivism
• Utopian socialists
• Some early reform laws emerged
• Communism
• Karl Marx

14
The Non-industrial World

• China
• Beat down
• Forced to import manufactured and export natural
  resources
• Egypt
• Muhammad Ali
• Tried to industrialize
• Beat down
• Forced to import manufactured and export natural
  resources
• India
• Beat down
• Forced to import manufactured and export natural
  resources

15

• Capitalism Economic system based on the use of
  ones personal property to gain a profit.
  Private property is important as well as limited
  control of markets.
• Laissez Faire- The idea that government should
  play no role in regulating markets or the economy
• Invisible Hand The belief that markets and
  social well being will be cared for by
  individual self interest
• Market Any place (real or theoretical) were
  things and bought and sold
• Capital- the personal property of an individual
  that can be used to accrue more wealth

16

• Supply- the willingness and ability of a person
  to produce and sell a good
• Demand the willingness and ability of a person
  to purchase a product
• Equilibrium Price/Quantity the intersection of
  supply and demand that markets automatically find
  based on the invisible hand.

17

• Mercantilism Economic system based on
  government activity to increase the wealth of a
  country by decreasing imports, increasing
  exports, and accruing precious metals
• Tariff- tax on imported goods to prevent people
  from buying them.
• Monopoly-Situation where one company controls too
  much market power (price and quantity supplied )

18

• Socialism- economic theory based on the idea that
  all resources should be owned by everyone
• Progressive Income tax- Tax system based on
  increased rates of taxation based on increased
  income levels
• Bourgeoisie The wealthy property owners
• Proletariat Working class
• Middle class The in-between class/ generally
  managed factories