Introduction to theIndustrial Revolution

What is the Industrial Revolution?

Mechanization or automation of production

Use of new energy sources

Emphasis on efficiency

Why did the Industrial Revolution begin in England and continue in the United States?

Natural Resources

Labor

Wealth (capital)

Political Stability

*The Factors of Production*

EFFICIENCY--How can we produce things faster and in larger amounts for less money?

What is the Primary Goal of the Industrial Revolution?

application of the scientific method & “scientific management”

creation of the factory system

development of new inventions and methods

reduce cost of production

How is efficiency achieved?

impact of new scientific ideas

leads to the factory system

Use of the Scientific Method

timing of steps

ability to determine production

effects: pros and cons

Time is money!

Sci. Mgmt: Fredrick Taylor

centralized work place

mechanized production

division of labor/assembly line

interchangeable parts

FACTORY SYSTEM

New Inventions

Impact of Reduced Cost of Productionmore goods can be produced = *potential* for more profit

long-term impact on standard of living

investing capital--anything of value--with the specific purpose of making a profit

Adam Smith and The Wealth of Nations

fair competition leads to prosperity

laissez-faire

importance of cosumerism and expansion

Capitalism

• “social Darwinism”• natural selection

• survival of the fittest

Charles Darwin

The EndThanks for listening