The Tanzimat Movement

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Period V: Industrialization and Global Integration, 1750-1900 Key Concept 5.1 Industrialization and Global Capitalism
I. Industrialization fundamentally changed how goods were produced a. A variety of factors led to the rise of industrial production i. Europe’s location on the Atlantic
ii. Geographical distribution of coal, iron and timber iii. European demographic changes
iv. Urbanization
v. Improved agricultural productivity
vi. Legal protection of private property
vii. An abundance of rivers and canals
viii. Access to foreign resources
ix. The accumulation pf capital
b. The development of machines, including steam engines and internal combustion engine, made it possible to exploit vast new resources of energy stored in fossil fuels, specifically coal and oil. The “fossil fuels” revolution greatly increased the energy available to human societies c. The development of the factory system concentrated labor in a single location and led to an increasing degree of specialization of labor d. As new methods of industrial production became more common in parts of northwestern Europe, they spread to other parts of Europe and the United States, Russia and Japan e. The “second industrial revolution” led to new methods in the production of steel, chemicals, electricity and precision machinery during the second half of the nineteenth century II. New patterns of global trade and production developed and further integrated the global economy as industrialists sought raw materials and new markets for the increasing amount and array of goods produced in their factories a. The need for raw materials for the factories and increased food supplies for the growing population in urban centers led to the growth of export economies around the world that specialized in mass producing single natural resources. The profits from these raw materials were used to purchase finished goods i. Cotton

ii. Rubber
iii. Palm oil
iv. Sugar
v. Wheat
vi. Meat
vii. Guano
viii. Metals and minerals
b. The rabid development of industrial production contributed to the decline of economically productive, agriculturally based economies i. Textile production in India
c. The rapid increases in productivity caused by industrial production encouraged industrialized states to seek out new consumer markets for their finished goods i. British and French attempts to “open up” the Chinese market during the nineteenth century d. The need for specialized and limited metals for industrial production, as well as the global demand for gold, silver and diamonds as forms of wealth, led to the development of extensive mining centers i. Copper mines in Mexico

ii. Gold and diamond mines in South Africa
III. To facilitate investments at all levels of industrial production, financiers developed and expanded various financial institutions a. The ideological inspiration for economic changes lies in the development of capitalism and classical liberalism associated with Adam Smith and John Stuart Mill b. Financial instruments expand

i. Stock markets
ii. Insurance
iii. Gold standard
iv. Limited liability corporations
c. The global nature of trade and production contributed to the proliferation of large-scale transnational businesses i. The United Fruit Company
ii. The HSBC – Hong Kong and Shanghai Banking Corporation IV. There were major developments in transportation and communication i. Railroads
ii. Steamships
iii. Telegraphs
iv. canals
V. The...
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