Industrialization Flashcards
Communism
Economic and social system where the property and means of production are controlled by society as a whole
Urbanization
Movement of people from rural areas to cities
Utopia
An ideal society
Laissez faire
Doctrine based on the belief that government should not interfere with business
Entrepreneurs
People who organized and managed businesses
Standard of living
General measures of the quality of life
Cottage Industry
System of production prior to the factory system
Socialism
Economic system where the property and means of production are controlled by the government
Capitalism
Economic system where the property and the means of production are controlled by individuals
Bentham
Author and philosopher who created Utilitarianism
Utilitarianism
Ideas and people should be judged on their usefulness and believed in doing what did the greatest good for the greatest number of people
Mathis
Economist who believed that without wars and epidemics to kill off excess population there would be too many poor and miserable people
Marx
Economist who believed violent revolution to destroy capitalism
Adam Smith
Scottish economist who believed in the free-market system of capitalism
Agricultural Revolution
Change in society prior to Industrialization which allowed for a larger labor force outside of farming
Industrial Revolution
Increased output of machine made goods that began in England during the 18th-century
Unions
Name for the voluntary associations of workers seeking labor reforms
Textiles
First area to undergo major industrialization
Steam Engine
Invention from Watt which changed how industry was powered
Napoleonic Wars
Caused delay of industrialization on the content of Europe
The Rocket
Name of the first financially successful train
Sufferage
The right to vote
Water power
Source of power for the first factories
Factors of production
The resources - including land, labor, and capital that are needed to produce goods and services