The Cottage Industry and Early Capitalism

1
The Cottage Industry and Early Capitalism
2
Merchants Role in Cottage Industry

• Supplied materials wool and cotton to
  cottages to be carded and spun
• Took supplies from spinning cottage to weaving
  cottage to dying cottage to sell finished cloth
• Merchants sell product for more than material and
  labor costs profit larger investment higher
  profit

3
Capitalism

• An economic system based on private ownership,
  free competition, and profit
• Cottage industry is an example of early
  capitalism

4
(No Transcript)
5
Effects of Cottage Industry

• Big profits for new class of merchants
• Alternative source of income for peasants

6
Textile Industry and Factory System
7
Textile Industry and Factory System

• Cottage industry couldn't keep up with demand for
  textiles
• Spinning jenny, water frame, spinning mule
  improved spinning
• Power loom sped up weaving
• Cotton gin separated seeds from cotton

8
(No Transcript)
9
Rise of Factory

• New machines, often too big for homes, were put
  in factories
• Factories located near power source coal, iron,
  water

10
Effects of Textile Factories in Britain

• Prices of mass-produced textiles were much lower
  than hand-produced items
• Britains textile industry increased enormously
• Majority of villagers forced to leave to find
  work in urban factories

11
(No Transcript)
12
Why did the industrial revolution begin in Britain

• Inventions
• Stone and eventually asphalt roads
• Canals
• Railroad ushered in with the introduction of the
  Rocket in 1829
• Colonies supplied raw materials
• Britains natural resources
• Coal
• Carbon necessary for smelting iron
• Steam engines powered by coal
• Iron
• Farming tools, new factory machines, railways
• Smelting makes iron more pure, but requires
  carbon

13
Why did the industrial revolution begin in Britain

• Large population
• Transportation
• Railroad
• Increased production and increased need to
  transport goods quickly and cheaply
• Fueled other industries coal, steam engines,
  iron
• Banks lent money to entrepreneurs
• Encouraged experimentation

14
Why did the industrial revolution begin in Britain

• Geography
• Climate good for textile production
• Plenty of natural resources sych as iron and coal
• Separation from the European continent kept them
  out of wars
• Social Factors
• British society less rigid than other European
  countries

15
Why did the industrial revolution begin in Britain

• Government
• Internal trade encouraged
• Population allowed to relocate
• Helped build roads and canals
• Colonial Empire
• Supplied raw materials for manufactured goods
• Provided market for goods
• Advantages to Industrializing First
• No other countries competing for manufactured
  goods
• Monopoly on technology