Exploring Economic Developments of the Industrial Revolution

The video explores the economic transformations from 1750 to 1900, highlighting the shift from mercantilism to free market economics influenced by Adam Smith's 'The Wealth of Nations'. It discusses the criticisms of free market capitalism by figures like Jeremy Bentham and Friedrich List. The rise of transnational corporations such as HSBC and Unilever is examined, along with innovations in banking and finance like stock markets and limited liability corporations. The video concludes with the societal impacts, including a rising middle class and improved living standards due to industrialization.

What was the primary economic system before the rise of free market economics?

• Socialism

• Feudalism

• Mercantilism

• Capitalism

Who authored 'The Wealth of Nations' and criticized mercantilism?

• David Ricardo

• Adam Smith

• John Maynard Keynes

• Karl Marx

What did Adam Smith refer to as 'The Invisible Hand'?

• Labor unions

• Market forces of supply and demand

• Government intervention

• Monopolistic practices

Which economist argued for government legislation to address social problems?

• Adam Smith

• John Stuart Mill

• Jeremy Bentham

• Friedrich List

What was Friedrich List's view on global free market principles?

• He believed they were irrelevant

• He saw them as a British trick

• He fully supported them

• He thought they were beneficial for all

Which corporation was established to manage British imperial ventures in Asia?

• Hong Kong and Shanghai Banking Corporation

• Standard Oil

• Dutch East India Company

• East India Company

What product was Unilever most notably known for manufacturing?

• Soap

• Textiles

• Electronics

• Automobiles

What financial practice involves selling small portions of ownership in a corporation?

• Venture capital

• Crowdfunding

• Stock market

• Bond issuance

What is the main benefit of limited liability corporations for investors?

• Protection from losing more than invested

• Complete control over the company

• Guaranteed returns

• Unlimited profit potential

What was one major effect of industrial capitalism on society by 1900?

• Increased access to consumer goods

• Shorter lifespans

• Decreased standard of living

• Reduction in middle class