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Capitalism and Middle Class Jan 22 .docx

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Victoria Wohl

HIS 109 January 22, 2014 Capitalism & The Middle Class and the Poor Industrialization • Industrialization shaped the world as we know it • Created vast new wealth, new cities, new goods and services and new ideas • In general, industrial revolution was a wonderful thing • Progress existed, change for the better was being built into the European system • Europe was undergoing great changes: population, demographic, technology • Early factories, cities in which they were located, procedures of government, fresh water, collection of garbage—none of these could keep up with the rapid change • Political and economic consequences could not be imagined because they were happening on a scale that Europe had never seen before • Industrialization is capital intensive (factories are expensive) • Great number of failures, you didn’t know if the railroad being built would be successful Capitalism • 1850, the infancy of industrialization and capitalist system was over • Spiral of growth and wealth that was predicted by economists was true • Trade and finance increased substantially • Took place in Northern Europe and it was cause and effect of the application of capitalist system of organization on the production of goods Agriculture • Agriculture increased • Industrial system had to be introduced to agriculture • Creation of artificial fertilizers o Nitrates and phosphates o Once these things were introduced, agriculture production increased in 20% in 10 years • Famine was unheard of in Europe during this time • Surplus grain could be brought easily from abroad • Louis Pasteur developed a procedure that allowed dairy products to be safe o Pasteurization o Even the poor could have access to milk, cheese, and butter o Could be produced in large amounts o Transported distances o Beer benefitted from pasteurization o Mega breweries could exist (could be stored etc.) o Added to the demographics, tuberculosis etc are killed through this process o Other diseases were killed, diseases that were often hit during the prime of their life allowed them to have more children • New technology changed everything and altered the face of Europe Sewing • Mass production within 10 years • Increase in clothing production was 25% and the per unit cost dropped significantly because the expense was in the labour • Cloth was declining in price and since the skilled labour was eliminated, this allowed it to be so much cheaper Mining and Steel • Factories and the railroads function on coal • Huge amounts of coal and iron were required in order to feed this exponential increase in industrialization • Mines had to be more efficient, had to be deeper • You had to be able to pump the water, steam driven pumps had to be created • Technological brotherhood of machinery, water pumped out of mines and was used to fill canals (continuous system of movement for water) • 1856 open heart method meant that cheap ore could be turned into high quality steel and iron • Movement of raw materials and product could be done faster than anyone could have imagined • Adoption of screw propeller and the invention and perfection of the compound steamship engine • Made steamship operation cheaper (ship powered itself) • Great engineering programs Transportation th • 1869 Suez: great technological feats of the 19 century (between India and Britain) • Amount of goods carried by European ships rose to a level that was incomprehensible • Required cooperation in a way that Europeans have not cooperated before • You have to decide how trains are going to move from one country to another • Idea of having a Europe that was a single source of raw material (single market) meant that the idea of a European economy was developing as well • It caused a good deal of fear and apprehension that one nation would have an advantage over another Capitalist Organization • Investment companies were created so that they could financ
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