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How did people respond to the changes of How did people respond to the changes of
the Industrial Revolution? the Industrial Revolution?
★ The economy of the Industrial Revolution ★ Some believed that was the reason for the
was based on capitalism growing gap between the rich and the poor
★ As Adam Smith explained, businesses and rejected capitalism in favor of
operated in a free market based on socialism.
competition, profits, supply & demand ★ Socialists argued that the government
★ Governments applied laissez-faire should plan the economy by controlling
principles & avoided heavy taxes, factories, farms, railroads, mines, &
regulations, or interference in business important industries and redistributing
wealth from the rich to the poor