Factors and Impacts of Industrialization

2. Big Idea 1: A variety of factors led to the rise of industrial production. • You already read about: • Access to foreign resources • Urbanization

3. Other Factors: A) Europe’s location on the Atlantic Ocean Why does this matter?

4. B) Abundance of rivers and canals. How do rivers and canals help?

5. C) Geographic distribution of coal, timber and iron Why is coal so important?

6. D) Improved agricultural productivity E) Accumulation of capital F) Legal protection of private property. G) European demographic changes

7. Big Idea 2: The development of the factory system concentrated labor in a single location and led to an increasing degree of specialization of labor. How does it increase specialization?

8. Big Idea 3: The “second industrial revolution” led to new methods in the production of steel, chemicals, electricity, and precision machinery during the second half of the 19th century. What might be a good thing about industrializing during the “second industrial revolution?”

9. REALLY Big Idea: New patterns of global trade and production developed and further integrated the global economy as industrialists sought raw materials and new markets for the increasing amount and array of goods produced in their factories. What is an example of a raw material vs. a finished product?

10. Big Idea 4: Industrial Economy: The need for raw materials for the factories and increased food supplies for the growing population in urban centers led to the growth of export economies around the world that specialized in mass producing natural resources. Export Economy: The profits from selling raw materials were used to purchase finished goods from industrial economies.

11. This legacy of industrial vs. raw material economies lasted into our modern world…check out these maps • Disclaimers: • These maps are modern (published by Time Magazine in 2014) • They only show each country’s most valuable export (the number one item that brings in the most $$$) • They do not show the whole economy of each country

12. Finished Products vs. Raw Materials

13. Finished Products vs. Raw Materials

17. CORRECTION: This map incorrectly identifies Mexico's most valuable export. It is manufactured goods.

18. Big Idea 5: The need for specialized and limited metals for industrial production, as well as the global demand for gold, silver , and diamonds as forms of wealth, led to the development of extensive mining centers.

19. REALLY Big Idea : To facilitate investments at all levels of industrial production, financiers developed and expanded various financial institutions. What are examples of financial institutions? What is a financier?

20. Big Idea 6: The ideological inspiration for economic changes lies in the development of capitalism and classical liberalism associated with Adam Smith and John Stuart Mill. Adam Smith • Wrote …Wealth of Nations • All of society benefits when individuals pursue their own economic interests and trade on a free market. An Inquiry into the Nature and Causes of the Wealth of Nations

21. John Stuart Mill (1806-1873) • Promoted: • Economic &intellectual freedom of individuals • Universal suffrage • Taxation of businesses and high personal incomes • (all this was beyond most liberals of his time)

22. Big Idea 7: The global nature of trade and production contributed to the proliferation of large-scale transnational businesses that relied on various financial instruments. AKA: The United Fruit Company

24. Big Idea 8: There were major developments in transportation and communication, including railroads, steamships, telegraphs, and canals. What impact did each of these inventions have?

25. Big Idea 9: Family dynamics, gender roles, and demographics changed in response to industrialization. How might rising factory wages affect gender? Caused factory work to be “man’s work” How might factor efficiency affect work demographics? Required fewer workers (women and children no longer needed, but children still used in agriculture and mining)