Industrial Revolution

Definition

The Industrial Revolution was a transformative period that began in the late 18th century, characterized by a shift from agrarian economies to industrialized and urban ones, marked by advancements in technology and manufacturing processes. This era introduced mechanization and the factory system, leading to significant changes in social, economic, and cultural structures worldwide, greatly impacting trade practices and economic theories such as mercantilism.

5 Must Know Facts For Your Next Test

1. The Industrial Revolution began in Britain around the 1760s and spread to other parts of Europe and North America over the following decades.
2. Technological innovations such as the steam engine, spinning jenny, and power loom were pivotal in boosting production efficiency and transforming various industries.
3. The rise of factories led to significant changes in labor practices, including longer working hours, child labor, and the emergence of a distinct working class.
4. This period saw increased trade due to enhanced transportation systems like railways and steamships, making it easier to move goods across long distances.
5. The Industrial Revolution also prompted shifts in economic thought, leading to critiques of mercantilism as free market ideas gained traction with capitalist development.

Review Questions

• How did the Industrial Revolution change economic practices compared to mercantilism?
  • The Industrial Revolution marked a shift from mercantilism, which emphasized state control over trade and accumulation of wealth through colonial expansion, to capitalism that encouraged free market principles. With industrialization, production became more centralized in factories rather than artisan workshops. This created competition and innovation, moving away from mercantilist policies that prioritized trade protectionism. As a result, economies became more dynamic, focusing on mass production and consumer markets.
• In what ways did urbanization during the Industrial Revolution impact social structures?
  • Urbanization during the Industrial Revolution led to a dramatic increase in city populations as people moved for factory jobs. This migration resulted in significant changes in social structures, including the formation of a distinct working class that faced harsh living conditions. The rise of cities also led to the growth of new social classes such as industrialists and factory owners, contributing to class tensions. Over time, these shifts prompted demands for social reforms, labor rights, and improved living conditions.
• Evaluate the long-term effects of the Industrial Revolution on global economic systems and trade relationships.
  • The long-term effects of the Industrial Revolution fundamentally reshaped global economic systems by fostering interdependence among nations through enhanced trade relationships. As industrialized countries sought raw materials for their factories, they established new trade networks with colonies and developing regions. This led to increased globalization and competition among nations for resources and markets. Additionally, the rise of capitalist economies challenged older mercantilist practices, promoting ideas of free trade that would shape economic policies into the modern era.

Related terms

Factory System: A method of manufacturing that emerged during the Industrial Revolution, where goods were produced in large quantities in centralized locations using machines and a division of labor.

Capitalism: An economic system characterized by private ownership of production and the operation of markets to generate profit, which gained prominence during and after the Industrial Revolution.

Urbanization:

The process by which rural populations migrate to urban areas, which accelerated during the Industrial Revolution as people sought jobs in factories and improved living conditions.