Key Events and Concepts of the Industrial Revolution

Timeline of Inventions and Events

• 1732: Darby invented coke
• 1733: Invention of the flying shuttle
• 1769: James Watt invented the steam engine
• 1785: Invention of the loom
• 1829: Stephenson invented the locomotive
• 1864: International Association of Workers
• 1869: Invention of the dynamo
• 1885: Invention of the explosion
• 1889: Second International
• 1897: Invention of the transformer

Agricultural Innovations

Norfolk System: Replacement of fallow by suppression of herbage allowed to leave no piece of land at rest and obtain arable crops that feed livestock.

Economic Policies and Systems

Free Trade: Economic policy that removes barriers to the free circulation of products between countries.

Market Economy: It resulted in production not for subsistence but for sale in increasingly large markets.

Technological Advancements

Rail: It was used in mines to transport the ore in wagons which moved on rails.

Business and Finance

Stocks: Merchandise that is in stock waiting to be distributed and sold.

Stock Exchange: Where shares can be bought and sold by any individual in a specialized institution.

Manufacturing and Labor

Taylorism: Manufacturing chain, i.e., division of production into very specific tasks using high-precision machines.

Mutual Aid Society: Organization that, by paying a fee, is charged to assist the needs of its partners.

Union: Association that brought together workers from the same branch.

Proletarian Internationalism: Marxists and anarchists defended the need to unite the efforts of the working class throughout the world to fight against capitalism.

The Industrial Revolution

The Industrial Revolution was the result of a set of economic and technological changes, which led to a profound transformation of the economy and society.

Principles of Liberalism (Adam Smith)

• Personal interest and the pursuit of maximum profit is the engine of the economy.
• Various interests are balanced in the market due to the price mechanism to match supply with demand.
• The state should not intervene in the functioning of the economy and allow the free development of individual interests.

The Bourgeoisie

• High Bourgeoisie: "Bankers," rentier-owners.
• Middle Bourgeoisie: "Freelancers," officials, "traders."
• Petty Bourgeoisie: "Employees," shopkeepers.

Business Structures

Cartel: Agreements between different companies.

Trust: Merger.

Holding: Financial group that owns most of the actions of a group of companies and banks.

Monopoly: Exclusive right of a large company to market a product.

Luddism

Luddite: Destruction of equipment and the burning of industrial establishments.