Industrial Revelution Flashcards
Commercial Revelution
1500 to 1700; includes the Age of Exploration, the “Price Revolution” where there was inflation, the rise of capitalism, the Scientific Revolution, and the Agricultural Revolution which led to a larger market because of more food
1500 to 1700; includes the Age of Exploration, the “Price Revolution” where there was inflation, the rise of capitalism, the Scientific Revolution, and the Agricultural Revolution which led to a larger market because of more food
Commercial Revelution
Proto-industrialization
means everything is being created by hand not machine; everything hand powered; includes cottage industry and putting out system
means everything is being created by hand not machine; everything hand powered; includes cottage industry and putting out system
Proto-industrialization
Cottage industry/ “putting-out system”
merchants want cheap labor; merchants pay per cloth and sell at higher cost; family run; three spinners per weaver; constant dispute between villager and merchant; rural labor is difficult to control and unorganized; results- families make income and experimentation
merchants want cheap labor; merchants pay per cloth and sell at higher cost; family run; three spinners per weaver; constant dispute between villager and merchant; rural labor is difficult to control and unorganized; results- families make income and experimentation
Cottage industry/ “putting-out system”
Flying shuttle
invented by John Kay; allows weaver to throw back and forth with one hand; cuts down man power only one person needs to work loom
invented by John Kay; allows weaver to throw back and forth with one hand; cuts down man power only one person needs to work loom
Flying shuttle
Water Frame
invented by Richard Arkwright; spins several hundred spindles on one machine; thread produced, course but strong; sent back to cottage system
invented by Richard Arkwright; spins several hundred spindles on one machine; thread produced, course but strong; sent back to cottage system
Water Frame
Spinning Mule
invented by Samuel Crompton; more useful for cotton, cotton now spun in factories
invented by Samuel Crompton; more useful for cotton, cotton now spun in factories
Spinning Mule
Agricultural Revolution
created a larger market
created a larger market
Agricultural Revolution
Bank of England
allowed to give banknotes (start of paper currency); gave stable loans to businesses
allowed to give banknotes (start of paper currency); gave stable loans to businesses
Bank of England
Bubble Act
repealed; had banned joint stock companies like the South Sea Bubble; now it is once again legal to have a joint stock company
repealed; had banned joint stock companies like the South Sea Bubble; now it is once again legal to have a joint stock company
Bubble Act
Lowes Act, limited liability
allows limited liability for business owners; prevents total bankruptcy; secure businesses and allows for come back
allows limited liability for business owners; prevents total bankruptcy; secure businesses and allows for come back
Lowes Act, limited liability
Navigation Acts
repealed
repealed
Navigation Acts
Corn Acts
repealed
repealed
Corn Acts