The Industrial Revolution (1750-1850) Flashcards
long, slow, uneven, process in which production shifted from simple tools to complex machines
The Industrial Revolution
Thomas Newcomen
developed the steam engine powered by coal
James Watt (1760s)
improved the steam engine
Father of the Industrial Revolution
James Watt
Coal was used to produce______
steel
Bessemer Process
faster, cheaper way of producing steel (developed by Henry Bessemer)
Factors of Production
resources, labor, capital
had large supplies of coal and iron; also had colonies all over the world
land and natural resources
had plenty of displaced farmers and skilled mechanics, eager to meet growing demand for new, practical inventions
labor
prosperous Great Britain economy= buisness class and capital(money) to invest, and consumer goods were affordable to all
capital
in 1600s, cotton cloth imported from ______ had become popular
India
workers make products in their own homes with materials supplied by merchants/entrepreneurs
Domestic System
as demand for cloth grew, inventors came up with a series of inventions that revolutionized GB’s(Great Britian) __________
textile industry
brought together workers and machines to produce large quantities of goods.
factory system
the domestic system was replaced by the ________ system
factory
used the first steam engine to power the first steam boat
Robert Fulton
The Industrial Revolution brought rapid _____________
urbanization
main rapid spreading disease
cholera
tiny rooms where many poor people who lived in the slums were packed into
tenaments
formed to fight for better conditions
labor unions
another word for working class
proletariat
another word for middle class
bourgeoisie
what does laissez- faire mean
hands off
a free market would produce more goods at lower prices, making products more affordable
Adam Smith
a growing economy would push capitalists to reinvest profits in new buisness’
Adam Smith
population would outpace food supply
Thomas Malthus
as long as population increased, the poor would suffer
Thomas Malthus
people should have fewer children
Thomas Malthus
the “iron law of wages”= when wages were high, families had more children
David Ricardo
more children= a larger labor supply, which leads to lower wages and higher unemployment
David Ricardo
a person who owns a buisness and is personally responsible for its debts
sole proprietorship
2 or more people own a buisness
partnership
a buisness owned by stockholders who share in its profits but are not personally responsible for its debts (investors, [share] stocks, dividends)
corporation
the exclusive possession or control of the supply or trade in a commodity or service
monopoly (aka. a trust)
an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition
cartel (aka. syndicate)
dominat model for a buisness
capitalism
John D. Rockefeller
Standard Oil Trust (est. 1882)
Cornelius Vanderbilt
railroads
Andrew Carnegie
steele
a slowdown in a nation’s economy
recession
a severe and prolonged downturn in economic activity, and extreme recession
depression
when a company acquires competitors in the same industry doing the same stage of production for the creation of monopoly
horizontal integration
one company controls multiple stages of production
vertical integration
goal of society should be “greatest happiness for greatest number”
utilitarianism
supported individual freedom, but saw need for government under certain circumstances
Jeremy Bentham
wanted government to improve the hard lives of working class (and believed actions are right if they help happiness and wrong if they cause pain
John Stuart Mill
society as a whole, rather than individuals, own and operate factors of production
socialism
set up a model community in Scotland and put Utopian ideas into practice
Robert Owen
established the AFL (American Federation of Labor) in 1881 for craft workers
Samuel Gompers
established the American railway Union
Eugene V. Debs
established the IWW (Industrial Workers of the World) for factory type workers
William Haywood
the workers main weapon against management and owners of the factories was the________
strike
workplace where ALL employees must belong to a labor union
closed shop
workplace where union membership is NOT required
open shop
outlined a new economic theory: scientific socialism (aka. communism)
Karl Marx
the modern class struggle pittied the __________(bourgeoisie) against the ___________(proletariat)
middle class; working class
economic system where competition determines prices and wages
capitalism
economic system in which government or workers own most of the buisnesses in a country
socialism
government ownership of all property and buisnesses
communism
who own’s the factories of production in capitalism?
private individuals
who own’s the factories of production in socialism?
government and individuals
who own’s the factories of production in communism?
government
what was the government’s role in capitalism?
in “laissez-faire” hand off the economy
what was the government’s role in socialism?
stepped in sometimes on behalf of workers
what was the government’s role in communism?
control and distribute resources
who were the supporters of capitalism?
rich buisness owners
“bourgeoisie”
Adam Smith
who were the supporters of socialism?
workers
“proletariat”
Robert Owen (utopian socialist)
who were the supporters of communism?
workers
“proletariat”
Karl Marx
