Lecture 2 - Econ. 115b 4/5/11 I. Industrial Revolution...

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Econ. 115b 4/5/11 I. Industrial Revolution – Achievement of Modern Economic Growth Rates: Growth of GDP annually at 1.5% to 2% per year consistently i. Began in England (and U.S.) a. Open b. Social mobility c. Political liberty d. One of the centers of the scientific revolution, Newton’s Principia Mathematics 1687 e. Geographically Blessed e.i.1. Island Economy (sea-based trade) e.i.2. Close to European Continent e.i.3. Navigatable rivers e.i.4. Good for agriculture e.i.5. Proximity to North America e.i.6. Lesser risk of invasion e.i.7. Coal for powering industrial revolution ii. The changeof industrialization a. Urbanization -Fewer farmers -Specializing requires closeness b. Changing gender roles -We no longer have 6 children, with only 2, women can come to work instead of spending all their time managing children -Falling birth rates (demographic transition) -Job opportunities in market -delayed marriage empowering of women *Increased specialization increased efficiency iii. Spread of Industrialization
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This note was uploaded on 10/10/2011 for the course ECN 115B 115B taught by Professor Wilson during the Spring '09 term at UC Davis.

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Lecture 2 - Econ. 115b 4/5/11 I. Industrial Revolution...

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