25.4 terms Flashcards
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Wealth of nations
Definition- Adam Smiths 1776 book that defended the idea of a free economy
Analysis- the book stated that economic liberty guaranteed economic progress, and as a result, the government should not interfere.
Significance- the book spread the ideas around Europe and promoted the idea of a free economy which is used in America today.
Adam Smith
Definition- a professor at the university of Glasgow, Scotland, defended the idea of a free economy, or free markets, in his 1776 book The Wealth of Nations.
Analysis- he argued that people should have the right to freely follow their own self-interest.
Significance- people could freely create and sell their own product.
Karl Marx
Definition- introduced to the world a radical type of socialism called Marxism.
Analysis- wrote a pamphlet called The Communist Manifesto.
Significance- resulted in communism which is used in some countries today.
The Communist Manifesto
Definition- 23 page pamphlet written by Karl Marx and Friedrich Engels
Analysis- argued that human societies have always been divided into warring classes.
Significance- spread the idea of communism.
Socialism
Definition- the factors of production are owned by the public and operate for the welfare of all.
Analysis- it grew out of an optimistic view of human nature, a belief in progress, and a concern for social justice.
Significance- turned into ideas such as communism that is used today.
Laissez faire
Definition- refers to the economic policy of letting owners of industry and business set working conditions without interference.
Analysis- this policy favors a free market unregulated by the government.
Significance-led to Adam Smith writing about the idea of a free economy.
Capitalism
Definition- an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit.
Analysis-
Significance- helped bring about the Industrial Revolution.
Proletariat
Definition- the “have-nots”, or workers
Analysis- these workers were the lower class and lived poor lives.
Significance- without the workers the system would fail.
Factors of production
Definition- factories, mines, railroads, other key industries
Analysis- these factors of production were the key to the society.
Significance- still used today to produce our products/ gather resources.
Bourgeoisie
Definition- the middle class “haves”, or employers.
Analysis- employed and controlled the workers.
Significance- we still have employers in our society today.
Labor unions
Definition- voluntary labor associations that workers joined together in
Analysis- a union spoke for all the workers in a particular trade; unions engaged in collective bargaining and negotiations between their workers and their employees.
Significance- there are still unions today.
Reform laws
Definition- laws reformed to eliminate the worst abuses of industrialization
Analysis- child labor, working conditions, working women had reformed laws.
Significance- eased the conditions of working in factories or men’s for future workers.
Suffrage
Definition- the right to vote
Analysis- some philosophers believed that everyone should have the right to vote.
Significance-the right to vote is now given to all citizens of the US.
Queen Victoria
Definition-
Analysis-
Significance-
