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