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Industrial Revolution Pt III

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Industrial Revolution Pt III A New Way of Economics – PowerPoint PPT presentation

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Title: Industrial Revolution Pt III


1
Industrial Revolution Pt III
  • A New Way of Economics

2
Industrialization Spreads
  • As England rapidly industrialized, other
    countries began to follow.
  • Example America was perfect for
    Industrialization
  • Rivers, natural resources, and lots of people,
    and land
  • New factories were rapidly constructed across
    Europe and America

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4
Social Impact of Industrialization
  • New factories were located near crossroads and
    rivers for easier transportation and power
    sources
  • These factories needed labor (people) to run the
    machines and manufacture the goods
  • This resulted in a new social class called the
    working class

5
Social Impact of Industrialization
  • The working class were paid very little and
    worked long hours everyday of the week.
  • There was no job security. If you got sick or
    injured, you lost your job
  • Factory owners made lots of money from their
    businesses
  • This created income inequality between the new
    social classes
  • Although social classes had gained political
    equality because of the revolutions, they did not
    have economic equality

6
Reforming Economics
  • This new system of production and work created
    new ways of looking at Economics
  • Economics-the buying and selling of goods in a
    society and its effect on the people
  • Should the government interfere with this? this
    question led to new economic theories

7
New Economic Theories
  • Capitalism- Adam Smiths Theory
  • -Government should have no role in economics-
    Laissez faire
  • -Competition between businesses will regulate
    incomes, wages, and prices of goods.
  • -All factors of production (land, capital,
    resources) are privately owned
  • -Law of Self-Interest-people will work for their
    own good

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11
New Economic Theories
  • Socialism- Jeremy Bentham, John Stuart Mill
  • -Government should have a role in the economy to
    improve the lives of all people in society
  • -government should promote the greatest good
    for the greatest number of people.
  • -Factors of Production are owned by the state
    and operate for the welfare of all
  • -Goods should be distributed based on peoples
    needs

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15
New Economic Theories
  • Communism-Karl Marxs Theory
  • -Society consists of the haves and the
    have-nots
  • -predicted that the workers (have-nots) would
    rise up and overthrow the rich (haves)
  • -Communism-complete socialism where everything
    is owned by the state. No private property
  • -All goods and services would be shared equally
  • -There would be no social classes

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19
Reform and Protection of Workers
  • Most western countries believed in capitalism and
    left workers to fend for themselves
  • To protect themselves, workers formed Labor
    Unions who negotiated wages and security within
    an industry.
  • Example- UAW (United Auto Workers) protects
    workers who make cars for large auto makers like
    Ford.
  • As conditions worsened, governments did decide to
    intervene
  • Created minimum wages
  • Passed Child Labor Laws
  • Established a 40 hour work week and weekends
  • Outlawed slavery
  • Granted women equal rights in the workplace

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