1. What is meant by the term, 'Industrial Revolution'?
2. Name any two consequences of the Industrial Revolution in the economic field.
3. What is Capitalism?
4. Who was Karl Marx? Name his outstanding work.
5. What is meant by Socialism?
6. How did the evil effects of Industrial Revolution help in the rise of Socialism?
7. Mention any two effects of the Industrial Revolution on the general public.
8. Mention any two advantages of Industrialisation.
9. Mention two bad effects of the Industrial Revolution on labourers.
10. Mention any two differences between 'Capitalism and Socialism'.
Answers
Answer:
1. Industrial Revolution, in modern history, the process of change from an agrarian and handicraft economy to one dominated by industry and machine manufacturing.
2. The two consequences of the industrial revolution in the economic field are primarily, an increase in the number of jobs and secondly an increase in the amount of 'disposable income' in the hands of the 'middle class'.
3. An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
4. Karl Marx (1818-83) was a German political philosopher and economist. He wrote “Communist-Manifesto”. Due to his revolutionary ideas, he had been compelled to leave Germany and make London his homeland.
5. A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
6. During the Industrial Revolution, money and power came to the hands of capitalists. So, according to the acceptance of the anti-thesis 'Laissez-faire', the doctrine was socialism which visualised a society free from exploitation.
7. One major effect of industrial revolution is creation of more employment opportunities for the general public and decline in the rate of unemployment. Another effect is urbanization among people, as more and more people choose to migrate to cities instead of living in rural villages.
8. Advantages of industrialization:
Industrialization brought us the current import-export market. ...
It allows us to become more productive. ...
Industrialization makes goods and services more affordable. ...
It improves the quality of life for each person and household. ...
Industrialization enhanced our medical care.
9. Two bad effects of industrial revolution on labourers:
Workers were forced to work for longer hours and they worked in extremely unhealthy environment. This resulted in the deterioration of the health of the workers.
Workers were paid extremely low wages. They often struggled to meet their two ends meet.
10. A capitalist economy relies on free-markets to determine, price, incomes, wealth and distribution of goods. A socialist economic system is characterised by greater government intervention to re-allocate resources in a more egalitarian way.
Explanation: