REGNRSG 105 Lecture Notes - Lecture 47: Industrial Revolution, Class Conflict, Household Income
Document Summary
The industrial economy, international trade, and class conflict. In the course of the 19th century a new type of economy developed, and new social relations emerged with them. The two main factors in this change were the de-regulation of the economy and the rise of industrial capitalism. From the french revolution on, organizations and laws that regulated the economy were abolished: guilds, tariffs, seigneurial rights, and so on. Henceforth, everyone was free to start a business. Society became more commercialized than before: human relations became governed by economic power and interests more than by tradition. The market" came to govern not just the economy, but society as a whole. The scottish economist adam smith (1723-1790) developed a theory of market economics that has been immensely influential. Industrialization created a new class of businessmen, whose economic importance gave them increasing leverage over state institutions.
