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Industrial Revolution I

Course Code
Kenneth Bartlett

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January 17, 2011
Industrial Revolution I
Adam Smith, The Wealth of Nations (1776)
James Hargreaves
Richard Arkwright
James Watt
-The political revolutions have been taking place in Europe
-But this revolution is based on the demand, no political slogans
-There is debate whether 100 years of the industrial revolution, is can be classifies as a revolution
-Acceleration of economic growth emergence of the capitalism economy
-Introduction to machinery productivity increased and lead to factory work, which came with a set
of its own problems
-Industrial revolution changes the face of Europe
-Changes were significant or may be revolutionary
-Changes for the working class were staggering
-Central to the growth of the capitalistic system first flourished in Italy and then expanded to
Europe was limited by centralized governments
-Capitalism private property and profit motive, driven by market was essential to get the
restrains off
-Consumer consumption drives capitalism
-Need for new markets
-Enlightenment people agreed that the right to property was an inalienable right
-If you freed up trade, like psysiocrats argued, more wealth could be generated
-Psysiocrats French economic thinkers
oCentral idea of the school out their faith in land
oPsysiocrat means the rule of nature
oDid not believe that manufacturing could produce the same amount of wealth as land
oRefereed to manufacturing as sterile form of economy
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