Industrial Revolution
Order by
33 terms
Terms | Definitions |
|---|---|
 Capitalism | Economic system in which the means of production are privately owned and operated for profit. |
| Communism | Form of socialism advocated by Marx; class struggle between the 'haves' and the 'have nots' in which the 'haves' would rise up against the have nots. All wealth and property would be owned by everyone. |
| Fredrich Engles | Worked together with Marx to produce works on Communism |
| Karl Marx | Wrote The Communist Manifesto; struggle between social classes that would lead to the creation of a classless society where everyone would own all the means of production. |
| Mass production | producing goods in large quantities at low cost per unit. |
| factory system | a method of production that brought many workers and machines together into one building |
| adam smith | Scottish economist who advocated private enterprise and free trade (1723-1790) |
| urbanization | movement of people from rural areas to cities |
| social reforms | A reform movement which started with a religious revival (religious reforms) and grew to include more areas of reform. Other reforms included anti-slavery because reformists felt slavery didn't fit with their ideals. |
| command economy | An economic system in which the government controls a country's economy. |
| parliamentary reform | - issue cause split of opinions - Canningites enthusiastic more than Canning himself - Wellington, Peel and Ultras against it. - Opinions exercise in 1828 to enfranchise Manchester and Leeds - Lord John Russel - abolish corrupt boroughs of Penryn and East Reford - Transfer seats to Manchester and Bham - Wellington opposed, Huskisson resigned. |
| thomas malthus | an English economist who argued that increases in population would outgrow increases in the means of subsistence (1766-1834) |
| free enterprise | an economy that relies chiefly on market forces to allocate goods and resources and to determine prices |
| domestic system | early industrial labor system in which workers produced goods at home |
| monopoly | (economics) a market in which there are many buyers but only one seller |
| strike | a conspicuous success |
| agricultural revolution | The time when human beings first domesticated plants and animals and no longer relied entirely on hunting and gathering |
| mercantilism | an economic system (Europe in 18th C) to increase a nation's wealth by government regulation of all of the nation's commercial interests |
| socialism | a political theory advocating state ownership of industry |
| market economy | an economy that relies chiefly on market forces to allocate goods and resources and to determine prices |
| Wealth of Nations | This is the 18th century book written by Scottish economist Adam Smith in which he spells out the first modern account of free market economies. |
| Labor Unions | Organizations of workers who, together, put pressure on the employers in an industry to improve working conditions and wages. |
| Enclosure movement | The process of consolidating small landholdings into a smaller number of larger farms in England during the eighteenth century. |
| Division of Labor | Manufacturing technique that breaks down a craft into many simple and repetitive tasks that can be performed by unskilled workers. Pioneered in the pottery works of Josiah Wedgwood and in other eighteenth-century factories, increasing productivity, (603) |
| Industrial Revolution | Change in technology, brought about by improvements in machinery and by use of steam power |
| Laissez-Faire Economics | Theory that opposes governmental interference in economic affairs beyond what is necessary to protect life and property. |
| Law of supply and demand | the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance |
| Law of competition | multiple businesses forces people to make better products (Adam Smith) |
| Utopian Socialism | Philosophy introduced by the Frenchman Charles Fourier in the early nineteenth century. Utopian socialists hoped to create humane alternatives to industrial capitalism by building self-sustaining communities whose inhabitants would work cooperatively (616 |
| Social Darwinism | The belief that only the fittest survive in human political and economic struggle. |
| charles darwin | This was the scientist who published the theory of evolution after his travels to the Galapagos Islands |
| Proletariat | a social class comprising those who do manual labor or work for wages |
| communist manifesto | a socialist manifesto written by Marx and Engels (1842) describing the history of the working-class movement according to their views |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.