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Section 3 The Industrial Revolution Preview Main Idea / Reading Focus New Ideas about Economics Competing Economic Views Effects on Society Quick Facts:

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Presentation on theme: "Section 3 The Industrial Revolution Preview Main Idea / Reading Focus New Ideas about Economics Competing Economic Views Effects on Society Quick Facts:"— Presentation transcript:

1 Section 3 The Industrial Revolution Preview Main Idea / Reading Focus New Ideas about Economics Competing Economic Views Effects on Society Quick Facts: Effects of Industrialization on Women Map: Industrialized Europe New Ideas in a New Society

2 Section 3 The Industrial Revolution Preview, continued Visual Study Guide / Quick Facts Video: The Impact of Industrialization New Ideas in a New Society

3 Section 3 The Industrial Revolution 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? Main Idea The Industrial Revolution inspired new ideas about economics and affected society in many ways. New Ideas in a New Society

4 Section 3 The Industrial Revolution Old mercantile system restricted trade Laissez-faire economics Adam Smith, market economy Thomas Malthus, poverty unavoidable Industrialization succeeded and spread Capitalism and Competition Shift in wealth and power Entrepreneur Banking and finance Andrew Carnegie, rags to riches Robber barons New Roles for Business Leaders New Ideas about Economics

5 Section 3 The Industrial Revolution Summarize 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

6 Section 3 The Industrial Revolution Not everyone agreed that laissez-faire capitalism was good. Two who took a different stance were Robert Owen and Karl Marx. More hopeful than Malthus Socialism –Society owns property –Society controls business Model industrial town New Harmony Social democracy Robert Owen More radical socialism Predicted collapse of capitalism Das Kapital Communism Government –owns means of production –controls economic planning Karl Marx Competing Economic Views

7 Section 3 The Industrial Revolution Infer 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.

8 Section 3 The Industrial Revolution 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. Worlds of work and home separated “Separate spheres” Business world- without moral controls Women-moral guidance at home Home Life Industry-great power Control of other nations’ economies Industrialization of United States Period of immigration to United States Countries Increase in wealth Standard of living improved Leisure time Changes to many aspects of life: –Art –Politics –Transportation Societies Effects on Society

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11 Section 3 The Industrial Revolution 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

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13 Section 3 The Industrial Revolution Video The Impact of Industrialization Click above to play the video.


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