Industrialization Takes off вЂў Textiles marketed around the world. British goods heavily demanded around the world, but especially in North and South America. вЂў The British textile industry helped Great Britain take the lead in banking, new industrial development. Other industries ship building, china, ironmaking, and other finished goods. вЂў Coke was replacing charcoal in iron and steel production. вЂў The Urbanization of Europe about 25% lived in towns in western Europe. Irish potato famine. вЂў Many Canals built 1750-1850. Railroads and Steamboats вЂў 1814 George Stephenson perfected a locomotive, (The Rocket)- 29 mph. вЂў Stockton and Darlington Line opened in 1825, Manchester too Liverpool opened in 1830. вЂў The investment in infrastructure and capital goods left consumer goods in short supply. вЂў Proletarianization of the workers loss of the ownership of the means of production. вЂў Robert Fulton perfected the steamboat ( The Clermont). вЂў The Cunard line built. Steam ships of iron and steel. вЂў The Communications Revolution Volta - the Battery, Marconi - radio, Morse - telegraph. The Spread of Industry вЂў Many industries began to follow a practice called confection or making standard sizes in mass quantities. Standard sizes and styles were mass produced. вЂў Confection made the production of goods a more impersonal task. Workers only made or produced a portion of the final product. вЂў In the Mid-1820s children and women began working in the factories. They could be intimidated and paid lower wages then adult males. вЂў Wages for skilled men went up and men were now supervising women and children that were not part of their family. Abuses of workers occurred prompting legislation. The Effects of Machines on Work Child Labor вЂў Machines allowed unskilled workers to become productive. вЂў Women and children worked for lower wages. ( Older skilled workers became unemployed). вЂў Wages were paid for hours or goods produced. Wages were determined by supply and demand. вЂў The owner of the factory owned the means of production. Factory Rules and Regulations Power Looms вЂў The English Factory Act of 1833 forbade the employment of children under the age of 9. Children from 9 -13 could not work more than nine hours and must receive two hours of education. вЂў In 1847 Parliament mandated a 10 hour work day. вЂў The wage economy meant that families were not as tightly bound together as they had been. Development of the Middle Class Working Women вЂў Bankers, merchants, doctors, lawyers, became middle class. вЂў The middle class became wealthy during the industrial revolution. вЂў WomenвЂ™s role in the economy changed to one of lesser status. вЂў Domestic service was a common job for working women. вЂў Middle class women became nurses, teachers, social workers. The New Industrial Economy Eli Whitney вЂў Capitalism - When the individual controls the factors of production. вЂў Commercial capitalism trading goods and services. вЂў Industrial capitalism production and manufacturing of goods. вЂў Division of Labor - breaking work up into steps. вЂў Whitney- interchangeable parts. The Rise of the Corporation Model T Ford вЂў Mass Production - manufacturing a large number of identical items. вЂў Henry FordвЂ™s assembly line manufactured the Model T Ford. Cheap, reliable transportation. вЂў Sole proprietorship - business owned and run by one person. partnership is owned by two or more people. вЂў corporation - owners buy stock, Board of directors, shares. Business Cycles J.P. Morgan вЂў J.P. Morgan - U.S. financier who helped create Standard Oil and U.S. Steel. вЂў monopolies - control of the total production of a good or service by a single firm. вЂў cartel - a combination of corporations set up to control a good or service. вЂў Business cycle - alternating periods of prosperity and decline.