Industrial Revolution- Recitation

• It takes a great deal of effort to manufacture and supply even the most basic of products
• We're better off today because we don't have to be self-sufficient anymore
• many corporations and companies can supply us with what we need
• 5 Reasons for Industrial Revolution
• Laissez Faire
• Rise of Entrepeneurs
• International Gold Standard
• Mobility of capital and labor
• Ability to take advantage of the world wide division of labor and the competitive advantage that accompanies it
• competitive advantage- what you can specialize in
• free to do more, we are
• Present day America, mercantilism is practiced
• Past Britain, little incentive was there and there was no free trade
• no specializations
• everyone worked on their own
• Why was England able to industrialize
• its liberal environment
• individual rights=extraordinary leap of energy
• individual man was free to create, innovate and enterprise without government interference
• social and economic mobility became easy for the business man as the social and economic barriers were lowered
• Rich got richer, but the poor got much better than before
• Invisible Hand
• Standards of Living
• Increased
• Everyone got richer
• Globalization allows us to extend knowledge across the world
• Without trade and specialization, we lose competition, learning, and innovation