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35 Cards in this Set

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  • Back
laissez-faire
the idea that government should not interfere with or regulate industry's business
Adam Smith
professor at Gaslow univer., defended idea of free economy.
Capitalism
an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, esp. as contrasted to cooperatively or state-owned means of wealth.
Thomas Malthus
wrote "An essay on the principal population" Argued that population increased faster than food could.
David Ricardo
wrote "principals of political economy and taxation" belived underclasses would always be poor and the more workers there were, cheaper things would be.
John Stuart mill
led the utilitarian movement that workers were treated wrongly. favored womens rights.
socialism
a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
Karl Marx
German journalist- writings introduced world to "Marxism" a radical socialism.
Frederich Engels
son of a mill owner, worked with Marx to make The communist manifesto
the communist manifesto
Marx and Engels argued that human societies have been divided into warring classes said individual revolutions had enriched wealthy and impoverished poor.
communism
a form of complete socialism in which the means of production would be owned by the people
unions
workers joined in unions to press for reforms
strike
when workers refuse to work
Jane Addams
ran settlement houses called hull houses for working women
Horace Mann
favored free public education for children.
identify characteristics of capitalism vs socialism
c: individuals owned property s: community/state owned property c:progress results when individuals follow own self-interest s: progress results when community of producers cooperate for good of all c:compete to buy best products at lowest prices s:unequal dist. of wealth an goods 'unfair" distributes goods according to needs.
identify reforms that changed life of workers during industrial revolution
1. illegal to hire children under 9 yrs 2. ages 9-12 no more than 8 hrs a day 3. 13-17 no more than 12 hrs a day 4. women and children couldn't work in mines
enclosures
large fields owned by wealthy farmers
factors of production
land, labor, and capital (wealth)
Richard Arwright
invented the water fame- used water to spin wheels for energy
James Hargreaves (watt?)
learned to make steam engine faster and more efficient with less energy
entrepreneur
someone who starts and manages their own business.
Matthew Boulton
businessman who joined with James Hargreaves to create the better train engine
Robert Fulton
ordered an engine from Boulton and watt and made the successful steamboat "Clermont"
urbanization
city building and moving people to cities
middle class
made up of skilled workers, professionals, business people, and wealthy farmers
identify advantages/ disadvantages and long term affects of industrialization
created new jobs, workers won higher salaries, better living conditions, housing , diet and clothing improved. bad because of the bad conditions 4 children.
Samuel Slater
British mill worker who illegally fled to u.s. and built a spinning machine
stock
certain rights of ownership
corporation
a business owned by stock-owners who share its profits but are not personally responsible for its debts.
identify factors that contributed to greater/lesser industrialization in Europe
social structure delayed new methods of production, Austria-Hungary and Spain, transportation posed obstacles
impact of industrialization worldwide
revolutions in agriculture, production, transportation, and communism changes lives of euros. population, health, and wealth rose in all industrialized countries.
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