Imperialism and Industrialization Review

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Questions and Answers

Define industrialization.

The shift of a country's economy from agriculture to manufacturing.

What were the motivations for imperialism?

God, Gold, Glory

What led to a cheap labor force for factories in Europe?

Imperialism

Population growth (correct)

Inventions

Transportation revolution

List three important inventions during industrialization and describe each briefly.

Water frame, spinning jenny, steam engine Signup and view all the answers

What was the impact of the steam engine on transportation?

Steam powered ships could go faster and were more reliable, while railroads allowed resources to reach factories faster and cheaper leading to increased production and shipment of goods. Signup and view all the answers

The late 1800s saw a decrease in railroad networks across Europe.

False Signup and view all the answers

What did the industrialization process result in for factory owners?

Massive wealth Signup and view all the answers

What were the primary goals of monarchs in the 1600s regarding international trade?

To increase their wealth and power Signup and view all the answers

What was the main criticism of mercantilism by Adam Smith?

It granted monopolies and restricted competition Signup and view all the answers

What is the term for a situation where one company owns a product or market?

Monopoly Signup and view all the answers

What is the term for the idea that the government should not regulate the economy?

The invisible hand Signup and view all the answers

What are the three fundamental principles of capitalism?

Free market, private ownership, and profit for individuals Signup and view all the answers

What is the key idea behind Adam Smith's concept of the 'invisible hand'?

Competition and individual self-interest drive innovation and efficiency Signup and view all the answers

What was the main difference between mercantilism and capitalism?

Mercantilism promoted government regulation, while capitalism promoted individualism and competition Signup and view all the answers

What was the Dutch East India Company's significance in mercantilism?

It was a private company that owned strategic trade routes Signup and view all the answers

What is the primary driver of innovation and economic growth in a capitalist economy?

Competition and individual self-interest Signup and view all the answers

What is the core idea behind Adam Smith's four key ideas?

Individualism and competition promote economic growth Signup and view all the answers

Study Notes

Motivations of Imperialism

Europeans were motivated by God, Gold, and Glory, leading to a cycle of gaining resources, producing goods, and seeking more resources, always looking for resource-rich colonies.

Industrialization

Industrialization is the shift of a country's economy from agriculture (farming) to manufacturing (producing goods in factories).

Factors Leading to Industrialization

Population growth due to new world plants and farming machinery led to a larger population, and people moved to cities, creating a cheap labor force for factories.
Inventions sponsored by Europeans, such as the water frame, spinning jenny, and steam engine, allowed for faster production.
Imperialism provided Europeans with raw materials from colonies in the Americas, Africa, and Asia, which were used to build and maintain machines and produce finished goods.

Revolution in Transportation

The steam engine powered factories and new transportation, such as steam-powered ships and railroads, making transportation faster, more reliable, and cheaper.

Impact of Industrialization

Industrialization led to massive wealth for factory owners, who hired workers for minimal wages to keep profits high.
Working conditions were poor, and there were no government regulations to protect workers.

Expansion of Railroads

The late 1800s saw a massive expansion of railroad networks across Europe.

Economic Systems: Mercantilism to Capitalism

Mercantilism is an economic system that developed in Europe in the 1600s, designed to increase monarchs' wealth through international trade.

Mercantilism

The primary goal of mercantilism is to maximize profit for the monarch.
The Dutch East India Company was a key example of mercantilism, owning strategic trade routes and bringing great wealth to the Netherlands.
Monopoly, a characteristic of mercantilism, leads to no competition, maximized profit, high prices, and little innovation.

Capitalism

Capitalism is based on three key principles: private ownership, profit for individuals, and a free market.
Early capitalists wanted a different system than mercantilism because they wanted to promote individualism and competition.
A free market is a market where individuals and businesses are free to make their own economic decisions.
Capitalist thinkers believed in four key ideas: the desire for profit motivates people to work, people compete out of self-interest, individuals have the right to own private property and accumulate wealth, and production, ownership, and distribution of goods should be in the hands of private enterprise.

Adam Smith and The Wealth of Nations

Adam Smith, a Scottish economist and philosopher, outlined the ideas of capitalism in his book "The Wealth of Nations".
Smith criticized mercantilism and monopoly granting, arguing that individualism and competition were good for the economy.
According to Smith, the government does not need to regulate the economy, as the "invisible hand" of the market will naturally guide economic decisions towards the greater good.

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Description

Review the motivations and consequences of imperialism, including the cycle of resource exploitation and its impact on labor and manufacturing.