Study Guide: Industrial Revolution Assignment

Study Guide: Industrial Revolution Assignment Words: 1121

Describe how the railroad caused economic and social change in Britain The railway made transportation of not only tons of goods but people from one city to another much quicker and easier, and it also created countless jobs and a vast pool Of wealth. Chapter 25 Section 2 Describe the positive social, economic, political and technological changes caused by the industrial revolution, A major political change that is long lasting is that of using tax revenues to really improve streets and living conditions for the working class, a social change is that of the new middle class which emerged mainly from the l.

R. And economic changes were constant and there was a very large amount of new money coming from overnighter were technological advancements regularly making life much easier for everyone and each advancement leading to new ones Describe the social, economic, political and technological changes caused by the industrial revolution A major social change was that of the nearly impossible work time, 14 hours a day 6 days a week.

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Arbitration was a political change that packed people together and lowered the urban lifespan from 38 years to 17. Almost all of the money being made went to the upper class and then to the middle class, the working class received none. The new technology was very unsafe and killed or injured many. Describe working conditions during the industrial revolution Working conditions were horrible, work was usually 14 hour days, 6 days a week forever.

It was very unsafe and did not pay very well, there were deaths and injuries and no compensation. Describe living conditions during the industrial revolution Living conditions were awful, workers would live in small dark dirty shacks, trash piled up in the streets, cholera would sweep the city in waves killing many. But the rich lived extravagantly Define the term arbitration The term arbitration basically means city building and the vast majority of people moving to the city.

Explain how tensions grew between the middle, upper and working class The working class resented the middle and especially the upper class because of their extremely unfair and unsafe working and living conditions, while the middle and the upper class lived either comfortably of extravagantly Chapter 25 section 3 Describe how corporations are operated and their unique legal status A Corporation is a business owned by stockholders who share in its profits but are not personally responsible for its debt.

Corporations were able to raise the large amounts of capital needed to invest in industrial equipment. They have very limited liability and their shareholders are protected from the law Understand the concept of liability and how it relates to stockholders Stockholders have very limited liability, if the company screws up then the stockholders cannot be held liable Explain how industrialization led to global inequality Industrialization widened the wealth gap between countries that were industrialized and those that were not. Industrialized countries could get materials from poor countries for cheaper

Chapter 25 Section 4 Explain the advantages and disadvantages to a laissez fairer policy towards businesses Advantages: The owners pay much less, more profit made, much easier for the government. Disadvantages: Many more injuries and deaths, horrible working conditions, very low pay, creates large wealth gap. Explain the concept of capitalism including Adam Smith’s notion that society can improve without any government direction (invisible hand) Basically, it is when business and economics are controlled by the market, not government controlled.

The idea is that if you run a business you are using our money and must depend on your decisions for your survival then you will be more productive and efficient. Capitalists feel it is impossible for the government to make the best decisions because they are using other peoples money and to much is based on politics. List the pros and cons of capitalism PROS: -It promotes creativity, when free enterprise can do things better and more efficiently at a lower costs. – The consumer has a choice of goods. Countries that use it have greater wealth. It is considered to expand wealth. The common person can participate in the free enterprise system. The American Dream is that anyone can go from rags to riches if they have a good idea and work hard at realizing their dream. CONS:- Capitalism needs to be regulated or it will result in monopolies and a lack of free enterprise. Guess who does the regulating? The Government! – Capitalism is prone to corruption. People get greedy, and they cheat, and they exploit the weaker elements of society.

Explain the concept of socialism and its advantages and disadvantages. ADVANTAGES: -In environments with plentiful resources, socialism provides all members with their survival needs, creating a stable social environment. Members that cannot participate economically – due to disabilities, age, or periods of poor health – can still impart wisdom, emotional support and continuity of experience to the system. -Freedom from work provides opportunity for some societal members to explore non-economically-productive pursuits, such as pure science, math and non-popular arts.

DISADVANTAGES: -Since there is no culling and no economic advantage to working harder, socialistic Systems provide no inherent incentive to participate. This makes socialism internally unstable. -Due to a lack of incentives, socialistic systems tend not to be competitive, aging them externally unstable. -In times of plenty, immigrants are drawn to the free resources offered by socialistic systems, while potentially adding nothing economically productive. -In times of scarcity, resentment of non-economically-productive members of society increases, causing a destabilize effect on the society and economy.

They share means of production (Fields, factories, etc… ) and run the using means of direct democracy. It is supposed to lead to a government, less society ran by people. There is an abolition of private property, which is businesses and corporations; but personal property is different. Communism as no problem with personal property (Cars, TV’s, clothes, real estate). Although, sometimes automobiles and real estate are sometimes used as private property, communism is not against them.

Explain how labor unions work, including the concept of collective bargaining, as well as the rationale behind a strike. A labor union is a group of workers who have organized in order to pursue common work-related goals, such as better wages and benefits, safer working conditions, and greater job security Collective bargaining is the process by which representatives of labor and management attempt to negotiate a mutually acceptable labor agreement. When workers feel as if they are not being treated well enough then they will strike and refuse to work unless they are given what they want by the employer.

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