An economic and political system in which governments own the means of production and control econimic planning.
Political and economic system in which the goverment owns the means of production.
Economic system in which individuals, rather then governments, control the factors of production.
Belief that government should not interfere with the operations of businesses.
Practice of fencing or enclosing common lands into individual holdings.
A time when new inventions such as the seed drill and the steel plow made farming easier and faster. The production of food rose dramatically.
the development of industries for the machine production of goods
The practice of alternating crops od different kinds to preserve soil fetility.
Manufacturing based in homes rather than in a factory, commonly found before the Industrial Revolution.
Economic theory stating that there is a fixed amount of wealth in the world and that in order to receive a larger share, one country has to take some wealth away from another country.
an organization of workers that tries to improve working conditions, wages, and benefits for its members
Cramped, shabby apartment buildings where workers lived during the Industrial Revolution in England.
a group of people who try actively to influence legislation
Theory that as manufacturers compete with each other to sell their products, they must reduce prices. Manufacturers who cut prices too much, might lose money and even go out of business. Supply then tends to go down and prices rise.
System in which economic forces work automatically and naturally, without mercantilist laws and regulations.
Business that allows people to buy stock in the company.
Thinker who believed that utopian socialism was impractical. He believed the entire capitalist system should be destroyed. He believed that all great changes in hsitory came form changes in economic conditions.
Invented the seed drill, which made it possible to plant seeds in straight rows.
Inveted a way to drive the "spinning jenny" by waterpower. He brought workers and waterpower together and opened a spinning mill during the 1780's.
Invented the "flying shuttle", which moved the weft-carrying shuttle quickly across the loom.
Invented the "spinning jenny". This machine could produce eight times more thread then a single spinning wheel.
Invented the "cotton gin", a machine that could clean much more cotton in a day than hand laborers could.
Patened the steam engine.
Developed what came to be know as the Bessemer process-- a cheaper and more efficient method of making steel.
The first to built a profitable steamboat.
Scottish economist who wrote the Wealth of Nations.
Most influential utopian socialist.
Socialist Society vs. Communist Society
In both socialist and communist societies, the government owns the means of production, but in a communist society, the government also controls economic planning.
What two natural laws govern all business and economis?
a. Supply and Demand
Which invention increased the demand for slavery?
The cotton gin
What were some negative and positive aspects of the Industrial Revolution?
Negative- environmental damage, exploitation, political corruption
Positive- improves peoples' daily lives, transportation and technology, jobs
Where did the Industrial Revolution start? Where did it spread to?
England; Europe and the United States
What were two books/letters that were written by Karl Marx that supported Communism?
The Communist Manifesto,
What two nations eventually took over leading the industrial revolution after Britain?
United States and Germany
What are the major differences between socialism, communism, and capitalism?
In a socialist and communist society the government controls the factors of production. In a capitalist society individuals control the factors of production.
What were the advancements in the textile industry?
Explain the textile and transportation advancements in the textile industry.
Characteristics of the Cottage Industry...
Characteristics of capitalism...
In a capitalist system, businesses and the means of production are privately owned and operated.
What were some of the new farming techniques?
How did the Industrial Revolution effect the US?
Why did the Industrial Revolution begin in England?
Describe the living conditions in the Industrial Revolution.
What was the social effect on the role of women during the Industrial Revolution?
Women worked in fields, spun yarn, made clothing, and prepared meals. They produced goods for sale and worked with their husbaqnds in family businesses. As the Industrial Revolution moved production into factories, many working families moved into cities. As city dwellers, many women no longer had the resources or the need to grow food or make clothing.
Chicago railroad strike that paralyzed railway traffic nationwide
Invented a water-powered loom.
Built the first battery, providing a steady flow of electric current for the first time.
ESSAY: What were some of the positive or negative aspects of the Industrial Revolution?
Essay must be either written about only positive or negative aspects.
Child Labor Laws
Laws that control the work that children are permitted to do.
Factors of Production
Basic resources for industrialization, such as necessary land, capital, and labor