Unit 12 Flashcards
tax on an imported good whose purpose it is to protect domestic industry
tariff
an institution that manages a country’s currency, money supply, and interest rates
central bank
invented spinning jenny
James Hargreaves
invented the water frame
Richard Arkwright
improved the steam engine
James Watt
invented the first effective locomotive called The Rocket
George Stephenson
British engineer most known for building Britain’s railway network
Isambard Kingdom Brunel
British Romantic painter; painted Rain, Steam, and Speed
J. M. W. Turner
an industrial fair in London whose purpose it was to display Britain’s industrial power
The Great Exhibition of 1851
centerpiece of the Great Exhibition of 1851
Crystal Palace
wrote Essay on the Principle of Population (1798); said population would always grow faster than food supply
Thomas Malthus
said population growth would always mean that wages would sink to subsistence levels
iron law of wages
his main idea was the iron law of wages
David Ricardo
he promoted a customs union without tariffs for German member states, BUT high tariffs on imported goods
Franz List
term for well off middle-class
bourgeoisie
term for working class
proletariat
workers who destroyed machines that they said were taking their jobs
Luddites
wrote The Condition of the Working Class in England which said capitalism and competition brought poverty and exploitation to workers
Friedrich Engels
limited 9-13 year olds to 8 hours a day; 14-18 year olds to 12 hours a day
Factory Act of 1833
British law that outlawed unions; largely ignored
Combination Acts of 1799
British labor movement that demanded universal manhood suffrage
Chartism
ideology that promotes more equal distribution of welath
socialism
