HIST 1084 Lecture Notes - Lecture 3: Investment, Mercantilism, Wage Slavery

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25 Jan 2017
The Industrial Revolution
Terms to Remember
English Industrial Revolution
Enclosure System
Factory System
Organic vs. Non-organic Energy
King Cotton
Industrial “wage” slavery
Preconditions In Britain
Enclosure system allowed for more efficient and productive agricultural system -- more
food for urban population
System in the countryside where individuals can fence off their land
Changing long standing tradition of communal land, gradual privatization
Pushes others who don't own land to look for work
English society less rigid and centralized, more fluid than rest of Europe
Civil War in 1640s, system improved and more inclusive
Surplus capital (sugar, tobacco, slaves) invested in innovations and manufacturing
(steam, cotton, iron)
Trade expands through globalization
Profit brought back to mother country and it is reinvested
Effective central bank (1694) and well developed credit market
Government allowed domestic economy to function with restrictions and encouraged
technological innovation
Created legal system of patents-- ensured protection and provided incentive for would
be investors
Good transportation system in relatively small country
Canals and railroad subsidized by Parliament
Coal -- currency of the Industrial Revolution
Source of energy to run railroads
Power factories
Cheap and plentiful
Britain has a vast overseas empire
Access to goods
Growth 50 fold in 150 years
Cottage Industry
Pool of people that could be used for larger projects
Global market
Britain Overseas Expansion
Strategic locations around world
Access to raw materials
Canada, Australia, India
World leader in industrial development
The Forces at Play
Description of trading system in place under empires before
Sourcing raw materials cheaply, transporting them back to mother country,
processing them in factories there
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