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Economic Developments and Innovations in the Industrial Age

Driving Question: How did industrialization change economic systems, and what were the impacts of these changes?

As industrialization developed and spread, the impact on societies also grew. The way societies produced, exchanged, and consumed goods and services changed, leading to new economic systems—and growing tensions between those doing the work and those profiting from the work.

Learning Objectives

  1. Compare and contrast the economic systems of capitalism and socialism.
  2. Evaluate how different groups responded to increasing industrialization from c. 1750 to 1900 CE.
  3. Explain the development of economic systems, ideologies, and institutions and how they contributed to change in the period from 1750 to 1900.

Vocab Terms:

  • abolition
  • capitalism
  • chattel slavery
  • industrial capitalism
  • joint-stock company
  • proletariat
  • socialism
STEP 1

Opener: Economic Developments and Innovations in the Industrial Age

STEP 2

The Emergence of Industrial Capitalism

The Industrial Revolution was like gasoline to the engine of capitalism as that new economic system hummed along in the long nineteenth century. What paved the road for this new economic engine?

STEP 3

Capitalism and Socialism: Crash Course World History #33

Capitalism thrived as a result of the Industrial Revolution; however, in response to the rise of capitalism, socialism became an alternative for some. In this video, John Green will take a look at the positives and negatives of capitalism and socialism.

Capitalism and Socialism: Crash Course World History #33 External link

Capitalism and the Industrial Revolution each contributed to the growth of the other. But their combined effects created socialism, as people struggled to respond to changes.

Key Ideas

As this video progresses, key ideas will be introduced to invoke discussion.
STEP 4

Slavery and Capitalism

Capitalism had many far-reaching connections. One of the more disturbing connections was to slavery. But did capitalism have a hand in the end of slavery?

STEP 5

Closer: Economic Developments and Innovations in the Industrial Age