16 terms

Period 5: Vocab Quiz #1

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Industrial Revolution
A series of improvements in industrial technology that transformed the process of manufacturing goods.

Technological innovations in 1700's led to mass production of goods using machine power; began in England; textile industry was the first to industrialize; by late 1700's the steam engine was powering machines and revolutionized production and transportation
Laissez-Faire Capitalism
Economic philosophy of Adam Smith where government keeps its hands off the eonomy and allows supply and demand to determine what is produced, how its produced, and who gets it. According to this philosophy, self-interest motivates individuals and competition helps control greed.
Liberalism
Political ideology asserting that individuals possess certain rights such as liberty and equality and the purpose of the government is to protect these rights; developed in response to Enlightenment ideas & changes from American and French Revolutions; John Stuart Mill is a famous philosopher and political theorist who supported this philosophy
Socialism
Belief that people should work toward the creation of a perfect society in which everyone is equal; encouraged workers to take control and create a classless society; ideas were best expressed by Karl Marx and Friedrich Engels; struggle between the bourgeoisie (upper class) vs. proletariat (working class)
Industrial working class
people who worked for wages in factories, mills, mines, and other businesses, usually performing manual labor, worked 16 hours a day 6 days a week, low pay, included women and children; also known as: proletariat
Labor union
An organization of workers that tries to improve working conditions, wages, and benefits for its members
Marxism
Political and economic philosophy of Karl Marx and Friedrich Engels. They believed that history is the result of a class conflict that will end with the triumph of the industrial proletariat over the bourgeoisie. The new classless society would abolish private property.
mass production
Process of making large quantities of a product quickly and cheaply; a movement away from handcrafted goods and a result of the Industrial Revolution
second industrial revolution
Steel, chemicals, electricity. This is the name for the new wave of more heavy industrialization starting around the 1860s.
gold standard
A monetary system in which paper money and coins are equal to the value of a certain amount of gold
stock market
A general term used to describe all transactions involving the buying and selling of stock shares issued by a company; a new form of financial instrument added in the 1750-1900 time period.
Tanzimat Reforms
Series of reforms in the Ottoman Empire between 1839 and 1876; established Western-style universities, state postal system, railways, extensive legal reforms; resulted in creation of new constitution in 1876
Self-Strengthening Movement
A late nineteenth century movement in which the Chinese modernized their army and encouraged Western investment in factories and railways
utopian socialism
A 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
anarchism
Belief in the abolition of all government (maybe through violent means)
Meiji Restoration
The political program that followed the destruction of the Tokugawa Shogunate in 1868, in which a collection of young leaders set Japan on the path of centralization, industrialization, and imperialism.

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