Ch 25 vocab quiz 3/14 33 terms Flashcards
Agglomeration
clustering of people and industrial activity (factories) to take advantage of labor, technological, and financial services
Luddites
social movement of English workers in the early 1800’s that protested-often by destroying textile machines
Dependency theory
lower developed countries are caused by their dependence on highly developed nations. Developed countries also need a constant flow of resources- steal from less developed
Adam Smith
Creted Lasseiz Faire- hands off policy
Believes society would benefit if people were free from government and interference.
LF allows the right to freely compete for customers
Also didn’t enforce good working conditions, minimum wage, unions
3 natural laws: self-interest, competition, supply and demand
Thomas Malthus
Predicted population would outpace food production
3 ways to slow growth- war, disease, famine
Believed with a larger population, the poor would suffer more
Urged families to have fewer children
Utilitarianism
The goal of society should be the greatest happiness for the greatest number of people
Utilitarians worked for reforms affecting workers and the poor, form child labor to public health
supported individual freedom
John Stuart Mill
advanced the theory of Utilitarianism
Mil’s idea of government meant that factory owners clustering of people and industrial activity (factories) to take advantage of labor, technological, and financial services
achieve happiness if it meant workers feel pain
Opposed Adam Smith and Lasseiz-Faire
Mill wanted the government to step in and improve the lives of the working class
Called for workers and women to have voting power
Robert Owen
Mill owner and Utopian idealist
argued against child labor and encouraged unions
Established a model ‘village’-industrial community
Owen built worker housing, schools, proved making a profit and taking care of workers was possible
Karl Marx
Despised capitalism, supported Economic Determinism, where all social patterns and institutions are controlled by economic factors
Beleived Class struggle and conflict was the core of society
Society is a struggle between the haves (bourgeoisie) and have-nots (proletariat)
Promoted a classless society, where workers would overthrow owners (capitalists) and create a classless society (communism)
David Ricardo
Believed a permanent underclass would always be poor Many workers and abundant resources equal cheap labor and resources Opposed government intervention- minimum wage, better working conditions, would lower profits
socialism
a system in which the public/community owns all factors of production and operated for the good of all
society should operate for the benefit of all members, rather than the wealthy
Communism
a form of “complete” socialism
private/ public property wouldn’t exist, government owned everything
All goods and services would be distributed equally
Industrial Revolution
the shift, beginning in England during the 18th century, from making goods by hand to making them by machine
Led to decreased prices and more affordable living conditions
Enclosure
one of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formerly worked by village farmers
The combination of several farms into one large farm- no more subsistence farming
Crop Rotation
the system of growing a different crop in a field each year to preserve the fertility of the land
industrialization
the industry of producing goods by machine instead of by hand
factors of production
The resources needed to produce goods and services. that the Industrial Revolution required. Land, Labor, and Capital
factory
a large building in which machinery is used to manufacture goods
entrepeneur
a person who organizes, manages, and takes on the risks of business
urbanization
the growth of cities and the migration of people to them
middle class
a social class made up of skilled workers, professionals, business people, and wealthy farmers. They owned the majority of the money and were divided into upper and lower middle class
stock
the capital raised by a company or corporation through the issue and subscription of shares.
certain rights of ownership that entrepreneurs sold
corporation
a business owned by stockholders who share in its profits but are not personally responsible for its debts
lasseiz faire
the idea that government should not interfere with or regulate industries and businesses. Favors a free market unregulated by the government
Adam Smith
defended free economy/laissez faire/capitalism
capitalism
an economic system based on private ownership and on the investment of money in business ventures in order to make a profit
utilitarianism
the theory, proposed by Jeremy Bentham in the late 1700s, that government actions are useful only if they promote the greatest good for the greatest number of people
socialism
an economic system in which the factors of production are owned by the public and operate for the welfare of all
Karl Marx
poor German journalist who co-authored “The Communist Manifesto,” believed that workers will overthrow owners, that class conflicts were the root of society, and shold be gone, supported COMMUNISM
communism
an economic system in which all means of production - land, mines, factories, railroads, and businesses - are owned by the people, private property does not exist, and all goods and services are shared equally
union
voluntary labor associations formed by the people to bargain for better working conditions and higher wages
strike
to refuse to work in order to force an employer to meet certain demands
Bourgeouisie
rich, middle class, owners
Proletariat
poor, working class, peasants
Capital
wealth, machines, resources used to make things, HUMAN MADE
Cottage Industry
work at home
Invisible Hand
capitalism, people are spurred by SELF-INTEREST AND COMPETITION
Mercantilism
sell more goods than buy, natural resources used
Agricultural Revolution
farming innovations lead to bigger populations which lead to industrialization
