| Term | Definition |
|---|
| Industrial Revolution | shift in production from hand tool to complex machines |
| Cottage/domestic system | the process of producing goods by hand at home |
| Enclosure Movement | fencing in common land |
| Textile | any woven fabric; 1st industry to be industrialized in England |
| Entrepreneur | person willing to risk some money in hopes of making a large amount |
| Technological Unemployment | loss of jobs due to improvement in technology |
| Adam Smith | economist who wrote Wealth of Nations;laissez faire economics |
| Free Market Economy | capitalism, private ownership law of supply and demand |
| Karl Marx | developed socialism in response to the evils of Industrial Revolution |
| Communist Manifesto | exploitation of the proletariat will result in world wide revolution to overthrow capitalist |
| Proletariat | workers |
| Class Struggle | conflict between the proletariat and the capitalist |
Combine with other sets
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