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44. Capitalism and the Industrial Revolution

Aimee Camacho

Created on August 8, 2023

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Transcript

Capitalism

The industrial Revolution

Capitalism

economic and social system

Capitalism

Characteristics

Private Ownership and Property Rights Market Economy Profit Motive Competition Entrepreneurship Freedom of Choice Limited Government Intervention

The Industrial Revolution

18th and 19th centuries

Writers who influenced capitalism

Adam Smith (1723-1790)

The Wealth of Nations "invisible hand" David Ricardo (1772-1823) - comparative advantage John Stuart Mill (1806-1873) - "Principles of Political Economy" Friedrich Hayek (1899-1992) - "The Road to Serfdom"

The First industrial revolution

1760-1820 / 1840

Technological AdvancementsFactory System Urbanization Labor Exploitation Economic Growth and Capital Accumulation

The Industrial Revolution

Labor movements

Luddite Movement (early 19th century, England)

protest against the mechanization of labor

Textile industry "Luddites" opposed the use of machinery

Grand National Consolidated Trades Union (GNCTU, 1834, England)

First attempt at a workers' union

Short existence it brought the desire of better working conditions.

Combination Acts and Repeal (early 19th century, England)

Laws taking away rights of the workers

Series of laws that restricted workers' rights to form trade unions and engage in collective bargaining Repealed in 1824 and 1825

National Trades' Union (1834, United States)

First attempt at a workers' union in the US

Organize labor Discussed common issues and advocate for better conditions and wages

Lowell Female Labor Reform Association (mid-19th century, United States)

Female workers

Women textile workers in Lowell, Massachusetts Deteriorating working conditions and wage cuts

The Industrial Revolution

Consequences

Consequences

Industrial Revolution

Urbanization Economic Growth and Capital Accumulation Social Class and Inequality Environmental Impact Public Health and Sanitation

Technological Advancements Changes in Labor Labor Exploitation Child Labor Globalization Technological Innovations and Inventions

Karl MarxDas Kapital

German Philosopher, Social Theorist and Economist

Karl Marx and "Capital"

Key concepts in Marxist economics

Labor Theory of ValueSurplus Value Historical Materialism Alienation Critique of Capitalism

Workers of the world unite! You have nothing to lose but your chains.

Karl Marx

Social progress can be meassured by the social position of the female sex.

Karl Marx

Social Context in Factories

Rise of factories brought significant change

Long Hours and Harsh ConditionsLow wages Exploitative Practices Lack of Collective Bargaining

Urbanization and Migration CLASS DIVIDE

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