Chapter 25: Industrial Revolution

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Industrial Revolution

the greatly increased output of machine-made goods that began in England during the 18th century

Enclosures

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

Crop Rotation

The practice of rotating use of different fields from crop to crop each year, to avoid exhausting the soil.

Factors of Production

land, labor, and capital (wealth)

Factories

large buildings with machines

Entrepreneur

person who organizes, manages and takes risks on businesses

Urbanization

city buildling and the movement of people to cities

Middle Class

A social class made up of skilled workers, professionals, business people, and wealthy farmers

Samuel Slater

He memorized the way that the British made machines and he brought the idea to America. He made our first cotton spinning machine.

Corporations

businesses that are owned by many investors who buy shares of stock

Imperialism

policy of extending one country's rule over many other lands

Lassez Faire

government has a hands off approach to business based on a belief that business can perform best without government regulation

Capitalism

Economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit.

Utilitarianism

Idea that people should judge ideas, institutions, and actions on the basis of their usefulness (utility)

Socialism

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

Karl Marx

introduced a radical type of socialism known as Marxism - society is divided into "haves" and "have nots"

Adam Smith

Professor and Economist that believed that economic liberty guranteed economic progress and government becoming involved would slow down economic progress

Strike

Refusing to work - most successful tool employed by unions

Union

Used collective bargaining to negotiate between workers and employers - strength in numbers

Communism

Form of complete socialism in which the means of production would be owned by the people, private property would cease to exist, and all goods and services would be shared equally.

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