Industrial revolution Flashcards
What is a Agrarian society?
A society that produces all of there own things for themselves and has little shops and business/industries
What is the Industrial revolution?
The rise of industries and business
The Industrial revolution lead up to……
- Availability of labor power (both numbers and ability)
- Institutions that support economic activity and provide incentives for it
- Accumulations of capital for financing enterprises and innovations
- Technological innovations
What is CAPITAL in terms of financing?
Money earned from a self owned business that goes back into the business
What this leads to is……
- a greater consumer society (more people buying)
- increased geographic mobility
- transformed employer-worker relations
- decline of domestic manufacturing (making things at home)
- erode traditional community and family solidarities
- european exploration around the globe
The industrial revolution caused more what?
globalization
Early Modern European Market Economy
- less government restrictions on labor and trade in commodities (capitalism)
- Agricultural Revolution
- Putting-out system
- New financial practices and institutes
Agricultural Revolution?
Farming
Putting-out system?
when a big business uses sub contractors(smaller business) to make products
Like a person calling carpenter to fix their house
What are some of the new financial practices and institutions?
- insurance
- banking institutions
- property rights
- bank of england
Who was the first nation to industrialize and why?
England becuase of textile(clothing)
Worldwide Economic Network
Mercantilism
What is Mercantilism?
Government regulated trading (import little and export a lot)
Transatlantic Slave Labor
- Middle Passage
- Triangle Trade
- Plantation Economy’s
What were some over seas products?
Sugar, tea, silks, tabaco, rum, coffee