Industrial Revolution Flashcards
Entrepreneur
Spender who is willing to invest in something that may or may not take off; Start Comany->Rich
Enclosure Movement
Privatized land; led to urbanization; farming=selling products
Who defend the free Market System and wrote The Wealth of Nations?
Adam Smith
Who was Adam Smith
Capitalist
Believed in Lassiez Faire; Competition is good
What did utilitarianism promote?
Greatest good for as many people as possible; How useful are you to the company
What did 19th century socialist argue for?
Fairness in the working class
Who was Karl Marx? What did he believe in?
Communism/Marxism; all goods shared equally ruled by state
What were the five communists countries at the time?
- Russia
- Cuba
- North Korea
- China
- Vietnam
What did Karl Marx write and with who?
The Communist Manifesto; Friedrich Engels
What is collective bargaining and who participated in it?
When workers and management discussed worker fairness
Why did urbanization occur in Britain and Western Europe first?
- Abundance of resources
- Entrepreneurs
- Money
Where did factories need to be located and why?
The river because they ran on water power
Thomas Mathus?
Population growth of the poor people will out grow food supply; war, disease, or famine consuls control population
David Ricardo
“Iron Laws of Wages”
•wages are up so are they workers children population
•More children create a larger labor surplus that depressed wages
