Unit 3 Review

7 Factors of Industrialization WHY WAS ENGLAND ABLE TO INDUSTRIALIZE FIRST? Agricultural Revolution ____________ Surplus, large population of workers Stable Government Constitutional Monarchy, absence of _________ Expanding Economy free market economy, banking, trade, new world markets

7 Factors of Industrialization WHY WAS ENGLAND ABLE TO INDUSTRIALIZE FIRST? Agricultural Revolution Food Surplus, large population of workers Stable Government Constitutional Monarchy, absence of war Expanding Economy free market economy, banking, trade, new world markets

Transportation Systems Natural Resources water, coal, iron ore New Forms of Energy ______________ Invention Innovation spinning jenny, spinning mule, ________ gin, power frame Transportation Systems steam engine, canals, roads, steam boats

Transportation Systems Natural Resources water, coal, iron ore New Forms of Energy steam Invention Innovation spinning jenny, spinning mule, cotton gin, power frame Transportation Systems steam engine, canals, roads, steam boats

Inventions James Watt: _______________: revolutionized transportation Eli Whitney:_________________; increased demand for slaves Henry Bessemer:_____________; converts iron to steel Thomas Edison: _______________, phonograph, Henry Ford:__________ ___________ line, Interchangeable_____________

Inventions James Watt: steam engine: revolutionized transportation Eli Whitney: cotton gin; increased demand for slaves Henry Bessemer: Bessemer Process; converts iron to steel Thomas Edison: light bulb, phonograph, Henry Ford: car assembly line, Interchangeable parts

Effects of Industrialization Poor Sanitation Pollution Poor Working Condition Unsafe Bad pay: lower pay for kids, women, and immigrants Replaceable Labor Unions and Strikes for better conditions Overcrowding tenements

Economic Theories Utopianism: Total freedom and equality of all Government decisions are made by the people No hunger, equality, no greed Socialism: All major production owned or controlled by the public Government highly involved in the economy

Economic Theories Capitalism (Social Democracy): Individual rights and choices are supreme Government run by and for the people Limited government, free market Laissez-faire: government _______________ interfere with economy, leave business alone Adam Smith: free trade, regulated by supply and demand Communism: Government owns everything. No private property Karl ________________