20 Notes - Chapter 20 Notes The Industrial Revolution I The Industrial Revolution in Great Britain Industrial Revolution Began in Britain after 1750

20 Notes - Chapter 20 Notes The Industrial Revolution I The...

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Chapter 20 Notes – The Industrial Revolution I. The Industrial Revolution in Great Britain Industrial Revolution Began in Britain after 1750 1850 made Britain wealthiest country Spread to rest of Europe and New World 1900 Germany and US surpass Britain A. Origins Several factors led to Industrial Revolution: o Agricultural 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 goods o Population Growth: Provided a surplus of labor for new factories 1. Supply of Capital Had supply of capital for investing in machines and factories Supply 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 industry 2. Early Industrial Entrepreneurs Britain also had many individuals who were interested in making profit English Revolutions in 17 th century created environment where political power was in hands of group who favored innovation Entrepreneurship was hazardous – fortunes lost quickly Mode of operation usually individual or family proprietorship, also sometimes friends 3. Mineral Resources Britain had surplus of mineral resources like coal, iron, ore Britain was small, short travel made transportation non-problematic Abundant rivers Construction of new roads, bridges, and in bid 1700s canals linked industry centers Britain had no barriers to prevent domestic trade 4. Role of Government Parliament contributed to business by making a stable government and passing laws that protected private property Provided freedom for private enterprise 5. Markets Supply of markets gave industry outlet for manufactured goods British exports quadrupled from 1660-1760 Great Britain had colonial empire Developed merchant marine that could transport goods anywhere in the world Ability 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 fashionable Britain had highest standard of living in Europe Demands from foreign and domestic market and inability for old system to provide led entrepreneurs to adopt new manufacturing that new inventions could provide B. Technological Changes and New Forms of Industrial Organization Cotton and textile industries took step toward revolution with the factory 1.The Cotton Industry 1
Great Britain surged ahead in production of cheap cotton goods using cottage industry Flying shuttle – sped process of weaving—led to shortages of yarn Richard Arkwright – invented water frame, powered by water or horse James Hargreaves – invented spinning jenny, enabled spinners to produce more yarn Samuel Crompton

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