Chapter 7 Flashcards
Industrial revolution
Began in Britain
Enclosure movement
Land was taken from farmers and lower class so that nobles could make more wool to gain profits
Putting out system
Raw cotton to peasants, peasants put into thread, thread into cloth
Factory system
Materials into machines, much faster than the putting out system
James watt
Scottish engineer, developed and patented steam power
Enclosure movement
Land was taken from peasants by wealthy land owners to grow cotton/wool
British train system
Trains were built to move materials quicker, first was Liverpool to Manchester
Laissez-Faire economics
“Hands off” approach, govt played little or no part in free market trade
Thomas Malthus
Gloomy prediction that the population would outpace the food supply, he was wrong
David Ricardo
Shared Malthus’ gloomy review, predicted that an increase in wages would only cover the cost of necessities
Karl Marx
Beginner of communism
Rural/urban
Rural- country areas
Urban- city areas
Capitalism
Owned by individuals
Socialism
Owned/operated by the people as a whole
Communism
A classless society where all means of production would be owned by the community
