The Beginnings of Industry

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1 The Beginnings of Industry

2 What might be the advantages and disadvantages of What might Where the What women might this are do life-style? the do you women rest with see of the here? working? the doing? yarn family they be? have spun?

3 In this picture, the women are spinning, reeling with a clock-reel, and boiling yarn to prepare it to be woven into cloth.

4 Mercantilism: An economic policy in which a nation should maintain and increase its wealth by exporting more goods than it was importing. This was done by importing raw materials and exporting finished goods.

5 During the 1600 s, the British government had put limits on the amount of material produced by workers in order to keep prices stable. The goods that could be sold or bought by individuals and companies were tightly regulated by the government, limiting the expansion of the economy. Some goods could only be purchased on certain days. What Medieval/Renaissance system is this similar to?

6 The limits on commerce in the mercantilist system brought about its decline as the demand for better access to more goods rose. A new economic system began, based on supply and demand.

7 Cottage Industries: In this system, merchants acted as coordinators between buyers and sellers while various groups of skilled rural workers manufactured cotton and woolen cloth. Merchants would purchase large amounts of cotton and wool and then supply these raw materials to rural carders, who combed the fibers in the wool to prepare it to be spun, and to rural spinners.

8 The Lacemaker Jan Vermeer 1669 The yarn would then be collected by the merchants, who then would take it to weavers. Once weavers had finished, the merchants would collect the cloth, and take it to someone who would bleach or dye it. The dyed fabric would pass hands one more time; this time the merchants sold their product to wholesalers or directly to customers. England specialized in cotton and wool cloth.

9 Cottage Industry Activity: In this activity, some of you are merchants, others of you raise sheep. Some of you spin yarn and others of you take the yarn and dye it, for the next step of weaving. Once it is woven, the merchant will then sell the cloth to the dress maker/tailors.

10 The merchant will buy the wool for 1 Smith Buck He will then provide the wool to the spinner, and pay the spinner 1 Smith Buck for the labor (every ticket represents 1 bundle of wool). The merchant will then take the spun yarn, and give it to the dyer, who will be paid 1 Smith Buck for their labor. Once the yarn is dyed, the merchant will take it to the weaver, who will weave it into cloth. The weaver will be paid 2 Smith Bucks for their labor (it takes longer to weave). The Merchant will then go to the dressmakers/tailors, and sell the cloth to them for 10 Smith Bucks, who will then be able to sell their dresses, pants and shirts made out of each bolt of cloth (5 dresses per bolt, 5 pants, or 10 shirts) for 5 Smith Bucks each.

11 Notes: Merchants Role in the Cottage Industry: Merchants supplied the material wool and cotton to cottages to be carded and spun. Merchants took supplies from the spinning cottages to the weaving cottages, then to the dyeing cottages. Merchants then sold the finished cloth. Merchants sold the product for more than the material and labor costs. This resulted in a profit. The profit could then be reinvested, which resulted in higher profits. (70 words)

12 By the 1700 s, guild restrictions no longer existed in England and merchants were free to find innovative ways to make profits. The cottage industry of the 17 th and 18 th centuries served as a model of early capitalism and a prelude to industrialization. It developed when an increase in regional and international trade led to an increased demand for manufactured products.

13 Merchants invested in raw materials, paid laborers, and then sold the finished product at a price higher than the combined cost of purchasing raw material and paying workers.

14 Capitalism: Supply and demand economics Capitalism is a system of production, distribution, and exchange. It is also defined by free competition and an open market, private ownership, and private businesses competing for profit. Workers are paid wages and are free to compete for jobs.

15 Laissez-faire economics: If the market is set free to govern itself by the natural forces of supply and demand, economies will be more productive. Adam Smith Scottish economist Does capitalism sound familiar?

16 Notes: Capitalism: An economic system based on private ownership, free competition and profit (supply and demand). Cottage industries are an example of early capitalism. (23 words)

17 Effects of the Cottage Industry: Advantages: Spinners and weavers often owned their own spinning wheels and looms. This meant that merchants did not need to buy expensive equipment. Workers could work in their homes, at their own pace and their own hours. Home-based industries could mean the difference between starving during bad harvest, and having extra money to buy food.

18 Disadvantages: Cottages were small, crowded and poorly ventilated. The working conditions were often unpleasant. Often the entire rural family would be involved in the production. Small children could easily help clean and card wool.

19 Notes: Effects of the Cottage Industry: There were big profits for a new class of merchants. Cottage industries provided an alternative source of income for peasants and farmers. There were both advantages (extra money) and disadvantages (entire family had to help) with the cottage industries. (44 words)

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