Bellringer Title todays notes Industrial Revolution Impact 2

Bellringer • Title today’s notes: Industrial Revolution Impact 2 • Answer the following question: • Think of some pros of industrialization. What are some cons?

New Social Classes • Industrial capitalism – an economic system based on industrial production or manufacturing in which individuals own and control the means of production. • Some people benefited more than others as a result of industrialization…

New Social Classes • Industrial Middle Class • The middle class grew with people who built factories, bought machines, developed markets. • Had good incomes and comfortable lives • Industrial Working Class • Worked under terrible conditions with low pay.

New Social Classes

Rise of Socialism • Some reformers wanted to replace the capitalist system with socialism. • Economic and social system where society – usually in the form of government – owns and controls the means of production • They believed that public ownership would stop the poor treatment of workers and allow wealth to be distributed equally among everyone. • Early socialists called “Utopian socialists”

Capitalism v. Socialism 1. Capitalism is an economic system based on the private ownership of the means of production and distribution of goods, characterized by a free competitive market and motivation by profit; in other words, an economic system in which money is used to make more money. 2. Socialism is a political theory or system in which the means of production and distribution are controlled by the people (usually in the form of government) and operated according to equity and fairness rather than market principles: in other words, a system of government in which owners share profits with workers.

Summary • New inventions shifted the production of goods to factories. As a result, work experiences changed, cities grew, and the middle class expanded.

Review! • 1. Describe the industrial middle class. • 2. What contributed to the rise of socialism?