HIS109Y1 Lecture Notes - Industrial Revolution, Spinning Frame, Patent Office
Document Summary
Revolution based on demand for consumer goods, & mechanical goods. Acceleration of economic growth that had economic & social consequences, Rise of new modes of production, the development of the factory system and all. Central to the growth of the capitalist economic system that developed starting emergence of capitalist economy its problems in the middle ages (mercantilism) Capitalism first flourished in i taly and in the lower european countries. Limited by controls placed on it by a centralized government - mercantilism (france placed restrictions on trade) this was considered unnatural & inefficient) Importance of consumer consumption consumption increases as the middle class desires to have what the upper classes do, however less expensive versions. Freeing up trade could generate vast amounts of wealth. Put their faith in land, heart of economic success was agriculture, manufacturing did not interest them as much, didn"t believe it could create as much wealth as agriculture could. Manufacturing considered a sterile form of capitalist production.
