1. Agricultural and Industrial Change, 1700-1850

2. Why 18 th Century England? Crop rotation (four field system) Crop rotation (four field system) Turnips and clover as feed crops Turnips and clover as feed crops Scientific breeding of animals Scientific breeding of animals Use of manure as fertilizer Use of manure as fertilizer Land reclamation and enclosures Land reclamation and enclosures Specialization attuned to market conditions (grain, meats, wool) Specialization attuned to market conditions (grain, meats, wool)

3. Transforming the English Economy Low food prices create more consumer demand, purchasing power, population growth Low food prices create more consumer demand, purchasing power, population growth The Colombian exchange (potatoes) The Colombian exchange (potatoes) International market for food allows for capital formation International market for food allows for capital formation Surplus farm labor spurs urbanization Surplus farm labor spurs urbanization

4. Adam Smith (1723-1790) Natural laws of economics (The Wealth of Nations, 1776) Natural laws of economics (The Wealth of Nations, 1776) Anti-mercantilist ethic (free trade) Anti-mercantilist ethic (free trade) Self interest and competition Self interest and competition The Law of Supply and Demand (the invisible hand) The Law of Supply and Demand (the invisible hand) equilibrium prices equilibrium prices Laissez faire ideology Laissez faire ideology

5. Facilitating English Industrialization Transportation improvements (canals, railroads) Transportation improvements (canals, railroads) Innovation and technological developments (the steam engine, factory system, entrepreneurship) Innovation and technological developments (the steam engine, factory system, entrepreneurship) Access to natural resources (coal, cotton, water) Access to natural resources (coal, cotton, water) Political stability and non-interference Political stability and non-interference Laissez-faire ideology (competition fostering improvement) Laissez-faire ideology (competition fostering improvement)

6. The Impact of English Industrialization Urbanization and the factory world Urbanization and the factory world Women and children increasingly in the workplace Women and children increasingly in the workplace Class formation (wage laborers without property, bourgeois capitalists) Class formation (wage laborers without property, bourgeois capitalists) Calls for regulation (limiting hours, workplace reforms) Calls for regulation (limiting hours, workplace reforms) Resistance to laissez-faire industrialization (Luddites, labor unionization, utopian socialism, Marxism) Resistance to laissez-faire industrialization (Luddites, labor unionization, utopian socialism, Marxism) Need for new markets for surplus production (imperialism) Need for new markets for surplus production (imperialism)

7. Impediments to Continental Industrialization Lack of investment capital Lack of investment capital Political instability Political instability Statism (taxes and monopoly) Statism (taxes and monopoly) Little industrial expertise Little industrial expertise