Growth of the American Economy

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Industrial Revolution

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Growth of the American Economy

Definition

The Industrial Revolution was a period of significant economic and technological transformation that began in the late 18th century and continued into the 19th century, characterized by a shift from agrarian economies to industrialized and urban ones. This era brought about advancements in manufacturing processes, transportation, and labor organization, which fundamentally changed society and the economy.

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5 Must Know Facts For Your Next Test

  1. The Industrial Revolution started in Great Britain due to its natural resources, political stability, and advancements in technology.
  2. Innovations in transportation, such as railroads and steamships, greatly facilitated the movement of goods and people, contributing to economic growth.
  3. The factory system allowed for mass production, leading to lower costs for consumers and increased availability of goods.
  4. Labor markets underwent significant changes as more people sought factory jobs, often resulting in harsh working conditions and long hours.
  5. The rise of organized labor movements emerged in response to poor working conditions, advocating for workers' rights, better wages, and reasonable working hours.

Review Questions

  • How did innovations in transportation technology influence the growth of industries during the Industrial Revolution?
    • Innovations in transportation technology, such as the steam engine and railroads, played a crucial role in facilitating the rapid growth of industries during the Industrial Revolution. These advancements enabled quicker movement of raw materials to factories and finished goods to markets. By reducing transport times and costs, these innovations contributed to economic expansion and helped connect different regions, allowing industries to flourish and supply chains to develop.
  • What impact did the factory system have on labor markets during the Industrial Revolution?
    • The factory system revolutionized labor markets by shifting employment from small-scale artisanal work to large-scale factory jobs. This transition created a demand for unskilled laborers who could operate machines in a controlled environment. While this led to job creation and economic growth, it also resulted in poor working conditions, including long hours and low pay, prompting workers to seek better labor rights through organized movements.
  • Evaluate the effects of the Industrial Revolution on working conditions and the rise of organized labor movements.
    • The Industrial Revolution drastically altered working conditions by introducing factory-based jobs that often involved long hours in unsafe environments with minimal rights for workers. As workers faced exploitation and harsh realities, they began to unite for their rights, leading to the rise of organized labor movements. These movements aimed to improve wages, working hours, and safety standards through collective bargaining and strikes, significantly shaping labor laws and workplace standards that we see today.

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