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  1. Standards of Living belief
    • a.      Belief: in long run, Industrial Revolution improved living standards through higher per capita incomes and greater consumer choices
    •                                                               i.      Early industrialization required huge profits to be reinvested in new and more expensive equipment
    • 1.      One side: To make profits, industrialists kept wages low
    • 2.      Other side: initial investments in early machinery not large and didn’t need to be
  2. Standards of Living Truth
    •                                                               i.      Truth: widening gap between rich and poor
    • 1.      Wealthiest 1% of population increased its share of the national product from 25-35% (1801-1848)
  3. Wages, prices, adn consumption patterns measured standard of living: wages and prices
    •                                                               i.      Wages and Prices
    • 1.      1780-1850: wages and prices fluctuated
    • a.      During Napoleonic wars: increase in prices outstripped wages
    • 2.      1815-1830: drop in pricesà slight increase in wages
    • 3.      1830-1840: real wages improved
  4. Wages, prices, adn consumption patterns measured standard of living: consumption
    • 1.      Britain in 1850, tea, sugar, and coffee= semi luxuries eaten by upper and middle class and better-off artisans
    • 2.      Meat: consumption per capita less in 1840 than 1780
    • 3.      Mass market developed in cheap cotton goods
  5. overproduction
    • a.      Overproductionà economic hardship
    •                                                               i.      Short-term economic depressionà high unemployment/ increased social tensions
    • 1.      Unemployment astronomical
    • a.      60% in Bolton (1842) laid off
    •                                                             ii.      Cyclical depressions devastated towns whose prosperity depended on industry
  6. Increase in real wages
    • a.      Some evidence for increase in real wages for working classes between 1790-1850,e specially in 1840s
    • b.      real gainers in early Industrial Revolution were members of middle class—and some skilled workers whose jobs were not eliminated by new machines
Card Set:
2013-03-03 13:43:40
HON 122

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