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  • 1. ECONOMICS OF INDUSTRY MONEY,
  • 2. FACTORS OF PRODUCTION• LAND!• LABOR• CAPITAL
  • 3. BRITAIN HAD…• Political stability• An abundance of natural resources (COAL!!!)• Large population of workers
  • 4. FACTORY LIFE
  • 5. YUCKY CITIES…
  • 6. LIBERAL CAPITALISMAdam Smith 3 natural laws • Self interest • Competition • Supply and demand • He wrote a stirring book called The Wealth of the Nations defending free market capitalism
  • 7. UTILITARIANJohn Stuart Mill A more equal division • Government should promote the greatest good for the greatest number of people
  • 8. UTOPIAN SOCIALISMRobert Owen • The means of production should be controlled by the people • Ran factories/started communes
  • 9. COMMUNISM (MARXISM) Society is dominated byMarx and Engels economic forces • Wrote communist manifesto together • Believed the proletariat (the working class) would one day overthrow the bourgeois
  • 10. A SLOW JOURNEY TO REFORM • Unions • Collective bargaining • Strikes
  • 11. Factory LawsThe 1819 Factory Act :no children under 9 to work in factories.Children from 9 to 16 allowed to work amaximum of 72 hours per week with one and ahalf hours a day for meals.1833 Althorp`s Factory Act : children from 9 to13 to work a maximum of 42 hours per week;also children aged 13 to 16 to work a maximumof 69 hours a week. No night work for anybodyunder the age of 18.1842 Mines and Colleries Act :banned all women and children under 10 fromworking underground. No-one under 15 yearswas to work winding gear in mines.
  • 12. 1844 Graham`s Factory Act :minimum age for working in factories reduced to 8years old. 8 to 13 years old to work a maximum ofsix and a half hours a day. 13 to 18 year olds towork a maximum of 12 hours a day and the sameapplied to women. Safety guards had to be fittedto all machines.1847 Fielder`s Factory Act :10 hour day introduced for under 18s and forwomen.There were factory inspectors to enforce theselaws but they were so poorly paid, they were easilybribed. Also many working parents weredesperate for money and they lied about theages of their children to get them work in factoriesand mines. So the laws may have been good intheory, they were very difficult to enforce.