Lesson 1 GB Flashcards
What’s the main content of the course
The industrial revolution, economy and politics
Workshop of the world
It manifactured a lot of products and it created the notion of free trade
When was the industrial revolution in England?
1750-1850
What were the main causes?
Agricultural revolution…
What was the first country to have an industrail revolution?
Britain
How to descibe Britain during the industrial revolution?
An age of steam, canals and factories
What hapened before the industrial revolution?
The agricultural revolution:
- a healthy labor force
- increase of population=more workers
What’s the cottage industry?
People are working at home, producing goods at home, manual work, mainly textiles
Textile was the main industrial sector
Jobs in the cottage industry:
Spinners, weavers and dryers
The five factors of success
The five “M”s
Men
Money
Machines
Means of communication
Mentalities
Why is “Men” an important factor?
It’s actually women, because of the soars in birth rate.
More people=more production
Numbers of the demographic boom in Britain:
1750 : 7.5 Million
1801 : 11 Million
1861 : over 23 million
Where were the most important ressources?
West Riding
Staffordshire
Lancashire
(in the north-west of England)
What were the most important ressources?
Coal and Iron mines
(energy and materials)
Why is Money important?
The distribution of money and the new banking system
Goldsmiths
Bank of England 1694
1815: 600 banks
1844 Bank Charter Act
It was now possible for factory owners to get a loan from the Bank of England to build factories instead of waiting to generate the necessary capital
What were Goldsmiths?
Pre banking system
strongrooms and safes?
1844:
The Bank Charter Act
Allowed investors to invest money in companies
Beginning of shareholders and shares
1856
Joint Stock Companies Act 1856
Banks could become joint stock banks (like Wall Street)
How did the economy evolved during the industrial revolution
More banks, more loansm more investment
Domestic market + 42% between 1750 and 1800
Why were Machines important?
Increase in production :
Thousands of inventors were registering new patents
300 patents in 1750 to 4300 in 1849
The inventor of the steam engine:
James Watt
Faster production, bigger output
1767
What’s the power loom?
Instead of working by hand, the machine could do the work of many
How did production rose for coal and iron in the second half of the 18th century?
Coal output x2
iron by 200%
Invention of gaslighting, consequences?
Factories could work at night, beginning of nightshifts
