1. Society in Industrialized Europe

2. Economic Views  Capitalism – Idea of free and open competition among businesses, revolves around laissez-faire ideal meaning that business should be free of government regulation  Adam Smith – leading proponent of laissez-faire economics and wrote Wealth of Nations  Thomas Malthus – Said poverty and misery were byproducts of industrialization and they would not go away.

3. Economic Views  Socialism – Thought that government should own all business or property instead of individuals.  Robert Owen – Opposed laissez-faire ideal saying that government should control industry  Communism – government controls all means of production and all economic planning.  Karl Marx – with Freidrich Engels created the radical view of socialism called Communism; wrote Das Kapital

4. Effects of Industrial Revolution  Business leaders take on new role of entrepreneurs.  Changed role of women to staying home and taking care of kids  Women became the moral guidance of society  International Power increased in Great Britain, France, and Germany  Larger militaries and more advanced militaries were built  Led to colonization and control of foreign lands  Led to increased wealth  Middle Class forms  Led to ease of life for all in some way