Industrial Revolution Flashcards
Agricultural revolution
Improved quality and quantity of farm products
Faster production and more food
Examples of improved farming methods
Crop rotation
Seed drill
Enclosure
The process of taking over and consolidating land formerly shared by peasant farmers
The energy revolution
Coal- used to develop the steam engine Steam engine (James Watt)- opened the door to steamships and trains
Capital
Money used to invest in enterprise
Enterprise
A business organization in an area such as shipping, mining, railroads, factories
Entrepreneurs
Leaders in new businesses who manages and assumed the financial risks of starting the new businesses
Turnpikes
Private roads built by entrepreneurs who charged travelers a toll to use them
Laissez-faire economics
French term for Let it be
Free market where there was no government regulation
Adam Smith in 1776
Came up with free enterprise idea
Believed natural laws governed the economy (law of supply and demand, law of competition, and law of self interest )
Socialism
The people as a whole rather than private individuals would own and operate the means of production
Promotes fair treatment and education
Spectrum: gov could own some business or all
Didn’t always work
Utopias
Unrealistic perfect society
Famous movement of Utopianism : model colonies set up buy eventually failed
Better quality of living but fell into decline
Karl Marx
Troubled by the extreme poverty of the proletariat
Wrote “The Communist Manifesto”
Predicted the rise of communism (aka scientific socialism)
Believed a dictator could take control and start communism
Communism
Run by a dictator ; classless society
Proletariat
Working class
