æt ðə stˈɑːɹt əvə nˈuː ɪndˈʌstɹɪəl ˈeɪdʒ ɪnðɪ ˈeɪtiːnθ sˈɛntʃɚɹi, ɪt wʌz bᵻlˈiːvd ðˈæt "pˈiːpəl ɑːɹ ðə ɹˈɪtʃᵻz ʌvðə nˈeɪʃən", ænd ðɛɹwˌʌz ɐ dʒˈɛnɚɹəl fˈeɪθ ɪn ɐn ɪkˈɑːnəmi ðæt pˈeɪd ɪts wˈɜːkɚz lˈoʊ wˈeɪdʒᵻz bɪkˈʌz hˈaɪ wˈeɪdʒᵻz mˈɛnt wˈɜːkɚz wʊd wˈɜːk lˈɛs.
At the start of a new industrial age in the 18th century, it was believed that "people are the riches of the nation", and there was a general faith in an economy that paid its workers low wages because high wages meant workers would work less.