Origins of modern world economy: twin revolutions 15th-19th century, agricultural and industrial revolution. Industrial revolution: originates in late 18th century england, more appropriately designated as a revolution, amount of iron processed into steel in english factories, produced large changes in domestic consumption. Consequences: luxuries to decencies, decencies to necessities, distribution highly uneven but now creation of the middle class that had risen from manual labour to professional or entrepreneurial status. Social results: the capacity to produce surplus, increasing complexity of division of labour, new forms of social consciousness. Political consequences: demise of royal absolutism, victory of parliament over kings, selection of leaders by election, rise of political parties, universal rights without reference to class, need to accommodate new groups within politics. Marx: asked how to analyze society, what does one look for first, queens and kings, dominant ideas, the food they eat, alcohol they drink. The good part taken out of us and rules over us.