100%(1)1 out of 1 people found this document helpful
This preview shows page 1 - 3 out of 8 pages.
Chapter 20 Notes – The Industrial RevolutionI. The Industrial Revolution in Great BritainIndustrial RevolutionBegan in Britain after 17501850 made Britain wealthiest countrySpread to rest of Europe and New World1900 Germany and US surpass BritainA. OriginsSeveral factors led to Industrial Revolution:oAgricultural Revolution: Changes in farming and breeding led to increase in food production, led to lowering food prices, led to increase in wealth, led to increase in buying manufactured goodsoPopulation Growth: Provided a surplus of labor for new factories1. Supply of CapitalHad supply of capital for investing in machines and factoriesSupply of capital came from: profits from trade, profits from cottage industry, central bank, flexible credit facilities (paper money)Most factory owners were merchants and entrepreneurs who profited from cottage industry2. Early Industrial EntrepreneursBritain also had many individuals who were interested in making profitEnglish Revolutions in 17thcentury created environment where political power was in hands of group who favored innovationEntrepreneurship was hazardous – fortunes lost quicklyMode of operation usually individual or family proprietorship, also sometimes friends3. Mineral ResourcesBritain had surplus of mineral resources like coal, iron, oreBritain was small, short travel made transportation non-problematicAbundant riversConstruction of new roads, bridges, and in bid 1700s canalslinked industry centersBritain had no barriers to prevent domestic trade4. Role of GovernmentParliament contributed to business by making a stable government and passing laws that protected private propertyProvided freedom for private enterprise5. MarketsSupply of markets gave industry outlet for manufactured goodsBritish exports quadrupled from 1660-1760Great Britain had colonial empireDeveloped merchant marine that could transport goods anywhere in the worldAbility to cheaply produce items in demand – factor of success!!!Best markets not domestic but rather in America, Africa, and East where people wanted sturdy and cheap clothes, not luxury and fashionableBritain had highest standard of living in EuropeDemands from foreign and domestic market and inability for old system to provide led entrepreneurs to adopt new manufacturing that new inventions could provideB. Technological Changes and New Forms of Industrial OrganizationCotton and textile industries took step toward revolution with the factory1.The Cotton Industry1
Great Britain surged ahead in production of cheap cotton goods using cottage industryFlying shuttle – sped process of weaving—led to shortages of yarnRichard Arkwright– invented water frame, powered by water or horseJames Hargreaves– invented spinning jenny, enabled spinners to produce more yarnSamuel Crompton