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Economic Views of the
Industrial Age
Philosophers and economists developed theories on the
proper maintenance, causes, and effects of industrialization.
Adam Smith• “father of modern capitalism” –
described concept in his book The Wealth of Nations
• believed in laissez-faire economics
‐ business/the market should not be regulated by gov’t – the market will regulate itself
‐ will provide all necessary regulations and limits
(French for “free to do”)
Karl Marx
• wrote• believed that capitalism would destroy
itself – industrial– eventually workers would rise up against
their “masters” and revolt –
Karl Marx
• this “workers’ revolution” would create
• communism : all factors of production are owned by the gov’t (which represents the people)
– in essence, everything is to be shared for the mutual benefit of all no ownership = no poverty
– society is classless: no rich, no poor
Thomas Malthus• influenced by Adam Smith• believed population would always grow at a
faster rate than the food supplyp
problems of poverty (disease, famine)
are nature’s way of balancing the population with the food supply• ideas were very pessimistic, affected gov’t’s
desire to alleviate poverty• mostly, has been proven
The Industrial Revolution was a event. When industrialization hit the
West, changes came fast and suddenly. In many cases, there wasn’t time to the of these
sudden changes until after some had been done. Can you think of some consequences of
industrialization?
ANSWER:
As occurred during some of the political revolutions we studied, the West took “ ” during the Industrial Revolution.
But eventually helped some of the damage done and allowed the West to continue to move forward.
Reforms – later in the Industrial Age
We see this “two-steps-forward-one-step-back”nature of industrialization repeated in modern countries that have only recently industrialized.
Eventually, reforms will improve conditions in these countries.
Industrialization in the 20th/21st Centuries
Abolition• At first, dependence on slavery increased
because of machines like invented by .
• Later, though, slavery became obsolete as machines took over more and more labor.
• social and religious movements called for an end to slavery – called the “ ”, activists called “ ”
Abolition• Western Europe & US abolished slavery
around mid/late 1800s– British Empire abolished slavery in– United States fought the Civil War in ;
during the war President Lincoln officially freed the slaves in the Emancipation Proclamation
– Puerto Rico-1873, Cuba-1886, Brazil-
• Some social activists described the treatment of workers as - in some cases worse - than slavery.
New Voting Laws• Western Europe & US passed laws
extending to more of their citizens• – secured a true “gov’t by
the people”• reflected population’s move to cities
– urbanization• cleaned up
Women’s Suffrage• suffrage : • Women of the classes began to
fight for voting rights.• Western Europe & US awarded right
to vote to women in :–Germany - 1918 –US - 1920–Britain – 1928 (1918)–France - 1944
U
• Western Europe & US extended availability of education to more citizens (girls, poorer classes)
• Required children – coupled with laws against child labor
L Laws –
• / standards at work, in products
• laws• regulations• rights of • laws against monopolies
City Planning
• traffic lights/signs – • public transportation • building codes• waste collection / sewage
systems
Charitable Organizations
• didn’t believe Malthus – • women’s groups / church groups• to improve of er classes• to improve of poorer classes• to solve social problems of poorer
classes: lack of education, domestic abuse, alcoholism
Immigration Control
•E– an immigration inspection center set
up in New York Harbor (NYC)– established , in active use until
1934– a for millions of coming
into the US– now a museum featuring the history
of immigration to America