chapter 20 qm
Explain David Ricardo's 'iron law of wages' theory.
David Ricardo stated that, over time, wages would always sink to substance level due to population growth.
Who was Friedrich List and what is his contribution to this history?
Fredrich List was a supported of government support of industrialization. He stated that manufacturing was important for increasing industrialization and wanted Germany to catch up with Britain. He also supported the forming of a customs union, called a Zollverein, which would allow for free trade in areas that belonged to the union.
Who was Fritz Harkort and what is his contribution to this history?
Fritz Harkort was a pioneer in the German technology industry. He attempted to replicate British technologies and spread industry in Germany, with slight success, but also heavy financial losses.
How did industry grow in continental Europe?
Industry in continental Europe grew due to the adoption of British technologies by other countries. Some skilled workers illegally left Britain and spread their knowledge of British technology to other countries.
What did Malthus argue in his Essay on the Principle of Population (1798)?
Mathus argued that the human population was growing too quickly and would eventually be "checked" by famine and disease. He said that, in order to prevent this, men and
How did railroads affect the nature of production?
Railroads decreased the cost of overland shipping of goods and expanded the market for many goods that could be shipped by railroads. These larger markets encouraged more factories and allowed goods to be shipped for a lower cost.
How did cotton transform the textile industry?
The inventions of better spinning devices, such as the spinning jenny and the water frame, allowed more cotton to be spun and allowed Britain to compete in international trade markets with both fine and coarse cotton thread. In the cottage industry, families no longer had to spend lots of time looking for tread from different spinners and the income of weavers rose.
Who was William Cockerill and what is his contribution to this history?
William Cockerill was a British carpenter who illegally left Britain with his sons to spread the knowledge of British industrialization. He built a large cotton spinning business in Belgium and his son John set up an industrial empire in southern Belgium using this knowledge.
What was they major breakthrough in energy and power supplies that catalyzed the Industrial Revolution?
. Watt's steam engine was a catalyst of the industrial Revolution. It marked the first time that people had almost unlimited power.
Who is Henry Cort and what is his contribution to this history?
Henry Cort developed the puddling furnace in the 1780s, which led to a large boom in the iron industry in Britain.
What was the key development that allowed continental banks to shed their earlier conservative nature (policies)?
The development of limited liability encouraged more people to invest in the bank and allowed for the banks to become more industrialized.
What did James Watt gain from his partnership with Matthew Boulton?
The partnership provided Watt with capital and skilled salesmanship. The partnership made the steam engine a success in Britain.
Who invented the spinning jenny?
The spinning jenny was invented by James Hargreaves in about 1765
What was the result of the development of the British economy between 1780 and 1851 with regards to GNP and population growth?
Due to the Industrial Revolution, both GNP and population increased dramatically between 1780 and 1851. GNP increased fourfold and population more than doubled.
How did iron become the basic building block of the British economy?
The invention of the puddling furnace made iron cheaper and helped make it a building block of the Industrial Revolution.