The Industrial Revolution Section 3 New Ideas in a New Society Preview • Main Idea / Reading Focus • New Ideas about Economics • Competing Economic.
Download ReportTranscript The Industrial Revolution Section 3 New Ideas in a New Society Preview • Main Idea / Reading Focus • New Ideas about Economics • Competing Economic.
The Industrial Revolution Section 3
New Ideas in a New Society
Preview
• Quick Facts: Effects of Industrialization on Women
The Industrial Revolution Section 3
New Ideas in a New Society
Preview,
continued
• Visual Study Guide / Quick Facts
• Video: The Impact of Industrialization
The Industrial Revolution Section 3 New Ideas in a New Society Main Idea
The Industrial Revolution inspired new ideas about economics and affected society in many ways.
Reading Focus
• What new ideas about economics developed during the Industrial Revolution?
• What competing economic ideas arose as a result?
• How did the Industrial Revolution affect society?
The Industrial Revolution Section 3 New Ideas about Economics
Capitalism and Competition New Roles for Business Leaders
• Old mercantile system restricted trade •
Laissez-faire
economics •
Adam Smith
, market economy •
Thomas Malthus
, poverty unavoidable • Industrialization succeeded and spread • Shift in wealth and power •
Entrepreneur
• Banking and finance •
Andrew Carnegie
, rags to riches • Robber barons
The Industrial Revolution
Summarize
Section 3
What were some of the new ideas about economics?
Answer(s):
mercantilism gave way to capitalism and competition, laissez-faire economics and
The Wealth of Nations
allowed for increased role of entrepreneur
The Industrial Revolution Section 3 Competing Economic Views
Not everyone agreed that laissez-faire capitalism was good. Two who took a different
stance
were Robert Owen and Karl Marx.
Robert Owen
• More hopeful than Malthus •
Socialism
– Society owns property – Society controls business • Model industrial town • New Harmony • Social democracy
Karl Marx
• More radical socialism • Predicted collapse of capitalism •
Das Kapital
•
Communism
• Government – owns means of production – controls economic planning
The Industrial Revolution
Infer
Section 3
Why did capitalism provoke strong response from the socialists?
Answer(s):
Socialists blamed capitalism for harsh working conditions, polluted cities, and the big gaps between rich and poor.
The Industrial Revolution Section 3 Effects on Society
The rise of new economic ideas was among the countless effects of the Industrial Revolution. The shift away from cottage industries also affected home life and the roles of women in society.
Home Life
• Worlds of work and home separated • “Separate spheres” • Business world without moral controls • Women-moral guidance at home
Countries
• Industry-great power • Control of other nations’ economies • Industrialization of United States • Period of immigration to United States
Societies
• Increase in wealth •
Standard of living
improved • Leisure time • Changes to many aspects of life: – Art – Politics – Transportation
The Industrial Revolution Section 3
The Industrial Revolution Section 3
The Industrial Revolution Section 3
Identify Cause and Effect
What were some of the major effects industrialization had on families and countries?
Answer(s):
families —wealth, leisure time, better educated; countries —increased power, wealth, and living standards; overcrowding of cities, pollution, rapid population growth
The Industrial Revolution Section 3
The Industrial Revolution Video Section 3 The Impact of Industrialization
Click above to play the video.