Industrial Revolution Flashcards
Industrial revolution
18th century in England where man made goods greatly increased
Factors of production
Labor,capital,land
Crop rotation
Change the crop grown in fields each year so the soil stays good
John McAdam
Invented roads with crushed stone
George Stephenson
First steamed power train (8mph) -rocket
Robert Fulton
Steam power of ships
Samuel Morse
Invented Telegraph(Morse code)
Eli Whitney
Invented cotton gin
Laissez-faire economics
People work as they want-physiocrats believed in this system-capitalist system
Adam smith
Wrote wealth of nation-said even though people act selfishly then society will benefit from it
Thomas Malthus
Write essay in population-says human population is growing faster than food production-can’t correct it
David Ricardo
Created iron law of wages-when wages are high people have more kids, when wages are low people have less kids
Jeremy benthem
Said government should take action if the actions of a few bring misery to men
John Stuart Mill
Believed labor unions should be used to protect the rights workers-government should only intervene if necessary
Charles Fourier
Tried to create utopia with 5000 people-people did the job they were best suited to do