industrial revolution Flashcards
1
Q
capitalism
A
economic system characterized by private ownership of the means of production and by private initiative, competition, and profit
2
Q
socialism
A
economic system in which the means of production are owned by the public and operate for the welfare of all
3
Q
adam smith
A
wrote the wealth of nations that said that government intervention led to good things
4
Q
laissez faire
A
the government should not intervene in relation between workers and business owners, means of production are owned by people
5
Q
communism
A
classless society, means of production are controlled by state/community, wealth is distributed by needs of people
