factors affected by industrialisation

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  • Factors Impacted By Industrialising
    • N + S Divide
      • N most industry
        • NE - mining + shipbuilding
        • NW - textile, wool + cotton manufacturing
      • S less industry
        • woolen in London
        • agriculture
    • laissez faire government
      • water supply
        • Municipal Corporations Act of 1835 nationalised but private cmplained
      • railways
        • 1844 Railway Regulation Act - government had power over railways + option to nationalise them
        • Stockon + Darlington needed Act of Parliament to incorporate company + use land
      • repeal of laws
        • repeal of Statue of Artificers 1813 (provided regulation of wages + working conditions)
        • repeal 1720 Bubble Act (limiting number of joint stock banks)
        • argueably government promoting industrialisation + legislation was a hindrance
        • repeal of corn law
        • Master Servant Act 1823 - failure to fulfill contract of work punishable
      • introduced legislation
        • 1844 Banking Charter Act
    • banking
      • 1826 Banking Co-partnership Act - joint stock banks allowed to form
      • 1833 Bank Charter Act - joint stock banks form in London
      • 1844 Banking Charter Act - power of note giving given to Bank of England
      • 1866 - 154 joint stock banks within 850 branches nationwide
      • why significant for economy?
        • source of capital
          • allowed men with a vision to establish themselves
          • emerging technology established
            • Spinning Jenny expensive so use loan
        • united rural + urban
          • united gentleman farmers by investing e.g. in railways
          • infrastructure built by people for own interests but increased development
        • encouraged middle class investment
          • helped their concerns + developed the industry
          • confidence in Britain's development (patriotic)
    • growing middle class
      • self made men who earned their money through trade + industry
        • bridging gap between poor + gentry
      • high competition between businessmen
        • focused on profits
      • created a 'master worker' identity which emphasized class divide
      • Adam Smith (1723-90) - 'free trade' 'laissez faire' more effective to promote economic growth

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