History: Industrialization in the late 1700s and early 1800s in Britain

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Adam Smith

a professor at the University of Glasgow, Scotland, defended the idea of a free economy, or free markets, the 3 natural laws of a free economics; the law of self interest, law of competition, and the law of supply and demand

Agricultural Revolution

a time when ways of farming became more efficient and easier for the farmers, so they could do more in a shorter amount of time

Capitalism

an economic system in which the factors of production are privately owned and money is invested in business ventures to make profit; helped start the industrial revolution

Communism

a form of complete socialism in which the means of production would be owned by the people, there would be no money and everyone would own everything, but no one could own one certain thing

Communist Manifesto

Marx and Engels said that they have the belief that economic forces alone dominated society, religion, nationalism, ethnic loyalties, and desire for democratic reforms were strong influences on history as economic forces; because of the gap between rich and poor industrialized countries failed to widen which Marx and Engels predicted, it failed because of the various reforms enacted by governments; argued that human societies have always been divided into two warring classes

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Friedrich Engels

a german whose father owned a textile mill in Manchester; Marx and Engels outlined their ideas in a 23 page pamphlet called the Communist Manifesto; helped the ideas for the Communist Manifesto and had similar ideas as Marx

Industrialization

the time in which machines were being invented and used to produce things faster, so the business owners would be able to pay the workers less and have less workers, it also helped the economy and everything cheaper

Karl Marx

a german journalist; introduced the world to a radical type of socialism called Marxism; studied philosophy at the University of Berlin before he studied journalism and economics; declared the communist manifesto that "the working men have no country;" he made little money because of his theories

Laissez Faire

the economic policy of letting owners of industry and business set working conditions without interference; favors a free market unregulated by the government, means "let do" or "let people do as they please"

Middle Class

a social class made up of skilled workers, professionals, business people, and wealthy farmers; played a big part at factories, stores, and other working places

Socialism

factors of production are owned by the public and operate for the welfare of all

Strike

if factory owners refused to give them better working conditions or higher pay union members could strike or refuse work

Union

when working people became more interested in politics, so they wanted press reforms, so workers joined together in voluntary labor associations; it also formed to bargain for better working conditions and higher wages

Urbanization

the social process whereby cities grow and societies become more urban

Utopianism

the ideals or principles of a utopian; idealistic and impractical social theory

Working Class

the laborers, didn't see much improvement in their living and working conditions, lost jobs when machinery came into place

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