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Class 3 Lecture Notes (Industrial Revolution and Adam Smith)

by: Lauren Notetaker

Class 3 Lecture Notes (Industrial Revolution and Adam Smith) POLC 2300

Marketplace > Tulane University > Political Science > POLC 2300 > Class 3 Lecture Notes Industrial Revolution and Adam Smith
Lauren Notetaker
Introduction to Comparative Politics
Professor Mark Vail

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Here are my Class 3 lecture notes. Hope this helps!
Introduction to Comparative Politics
Professor Mark Vail
Class Notes
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This 2 page Class Notes was uploaded by Lauren Notetaker on Wednesday September 23, 2015. The Class Notes belongs to POLC 2300 at Tulane University taught by Professor Mark Vail in Fall 2015. Since its upload, it has received 13 views. For similar materials see Introduction to Comparative Politics in Political Science at Tulane University.

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Date Created: 09/23/15
Class 3 Lecture Notes I Industrial Revolution statictraditionalagrarian moves towards highly complex way of life beginning of modern world not a single event EuropeanAmerican phenomenon which then reached the whole world A Output economic things that are produced began in English textile industry gt surplus gt sales different economic climate investors etc output increased 25 every decade insane increase B Relations between Town and Country before 1800 almost entirely agrarian very small populations gt population growth spurred C Working Conditions cities horrible living conditions constant horrible working conditions time now highly regimented character of life changed D Social Classes proletariat only had labor to offersell bourgeois higher class feudalism relationship between peasant and lord depended on one another after Revolution no obligation to workers ll Beginnings in Britain Pioneer lndustrializer industrialization spread but differed in each country started at different time periods timing of industrialization determines characterization of industrialization 1780s1840s textiles international market minimal capital needed 18040s1900s more capital intensive industries steel etc 1900s1930s m capital intensive cars etc strength of industrialization gt contributed to class distinctions ex site of working class peasants gt middle class gt growth of middle class a country needs markets capital and labor to industrialize explains why Britain was first to industrialize 1 Labor Enclosure Acts took the open land sold it and inhabitants of that land had to leave 2 Markets not natural created by political processes such as Enclosure Acts deliberately made slow growing need people with income gt exports to rich international consumers 3 Capital gradual expansion of money money from government and banks lll Market Economy and IV Metaphor of the Market Adam Smith 1776 Wealth of Nations tried to understand Industrial Revolution believed people do what s in their best interest basis of the market gt betters society market is a metaphor for economic behaviors gt invisible hand necessary for government division of labor society is organic entity developed over time a whole increase productive power of that labor V Liberalism and Smith Classic Liberalism government should allow economic activity to occur problem deaths horrible workingliving conditions is it really good for everyone Smith not an advocate of lassiez faire believe that government should allow freedom to the extent that society is not being undermined believed that 1 state must regulate economy so it does not destroy itself 2 moral sentiments people s tendency to employ restraint in their treatment of others empathy 3 labor theory of value value is a function of amount of labor put into producing something Definitions The Enlightenment 16201780s cultureintellect emphasizes reason and analysis Labor Theory of Value economic value total amount of labor to produce it The Wealth of Nations discusses what builds nation s wealth labor markets etc The invisible hand unintended social benefits from individual actions The Division of Labor specialization of individuals who preform specific tasksroles Moral Sentiments Smith s philosophy ethicsvirtue private rightsnatural liberty familial rights economics and State Individual rights 7 Organic Notion of Society the state transcends individuals within the state in power society is a whole 07915905


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