Chapter 25 - The Industrial Revolution

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Industrial Revolution

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the shift, beginning in England during the 18th century, from making goods by hand to making them by machine

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enclosure

Back 2

one of the fenced-in or hedged-in fields created by by wealthy British landowners on land that was formerly worked by village farmers

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crop rotation

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the system of growing a different crop in a field each year to preserve the fertility of the land

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industrialization

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the development of industries for the machine production of goods

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factors of production

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the resources- including land, labor, and capital- that are needed to produce goods and services

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factory

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a large building in which machinery is used to manufacture goods

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entrepreneur

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a person who organizes, manages, and takes on the risks of a business

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urbanization

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the growth of cities and the migration of people into them

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middle class

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a social class made up of skilled workers, professionals, businesspeople, and wealthy farmers

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corporation

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a business owned by stockholders who share in its profits but are not personally responsible for its debits

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stock

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rights of ownership to a business sold in shares

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laissez faire

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the idea that government should not interfere with or regulate industries and businesses

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capitalism

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an economic system based on private ownership and on the investment of money in business ventures in order to make a profit

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utilitarianism

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the theory, proposed by Jeremy Bentham in the late 1700's, that government actions are useful only if they promote the greatest good for the greatest number of people

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socialism

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an economic system in which the factors of production are owned by the public and operate for the welfare of all

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communism

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an economic system in which all means of production – land mines, factories railroads, and businesses – are owned by the people, private property does not exist, and all goods and services are shared equally

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union

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an association of workers, formed to bargain for better working conditions and higher wages

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strike

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to refuse to work in order to force an employer to meet certain demands

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Adam Smith

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Defended the idea of free economy and made the three natural laws of economics )law of self-interest, law of competition, and law of supply and demand)

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Karl Marx

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founder of a radical type of socialism called Marxism, states societies are divided into warring classes - those who have and those who have not (wrote Communist Manifesto)