Unit Two Review Flashcards
Silk Road
Ancient network of trading routes connected Europe, Asia, and Northern Africa
Imperialism
The domination by one country over others to gain power and wealth
Political Imperialism
- Direct Rule
One country attacks another, takes control of the government and governs the people. Colonization is a form of direct rule. - Indirect Rule
One country conquers another but lets it govern itself
Economic Imperialism
When a wealthy nation gains economic control over a poorer nation
- The poorer nation is under the control of the richer one
Cultural Imperialism
When a powerful nation controls the culture of another nation
eg. Assimilation
Modern Imperialism
- Has its roots in the beginnings of the Age of Exploration
GGG- God, Gold, Glory
Mercantilism
A system of government-sponsored international
business ventures designed to make European
monarchs rich
- Countries need to export more than they import
Adam Smith
Criticized the mercantilist system; proposed capitalism
- Little/no government regulation of business
- Competition
- Distribution of wealth across a wider range of society
Invisible Hand
A metaphor for the unseen forces that move the free market economy.
- Through individual self-interest and freedom of production as well as consumption, the best interest of society, as a whole, are fulfilled
Laissesz-Faire (Let Go / Leave Alone)
For the forces of self-interest, competition, and the invisible hand to work, people must be allowed to act freely
- Adam Smith was against government intervention in the economy
Free Market
Prices are determined through the forces of supply and demand
Open Competition
Companies compete with each other
Private Ownership
Individuals and businesses own the means of production; the government does not
Capitalism Pros
- Competition ensures that best products for the best price
- Inovation is rewarded, which inspires creativity
- Economic freedoms give entrepreneurs the opportunity to make great profit
Capitalism Cons
- Capitalism without regulation often leads to the exploitation of the working class
- It often creates a widening gap between the rich and the poor
-Capitalism can lead to monopolies that overpower and crush competition
John Stuart Mill & The Harm Principle
- John Stuart Mill argued that people should be free to act as they please – so long as their actions do not harm others
- Mill argued that the government needs to intervene in the capitalist system to introduce labor laws that protect the workers from explotiation
Karl Max
Developed communism; A planned economic system in which
government owns all means of production and all people work for government-owned and government-run enterprises
Industrial Revolution (1760-1840)
A period of sudden and significant change; with a series of new mechanical inventions, the production of goods moved from small shops and homes to large factories; from handiwork to machines
Industrial Revolution Factory Working Conditions
- Long hours (12-16)
- Limited/No breaks
- Child labour
- Injuries from machines
- Very low wages
- Physical punishment
- Fear of losing job
- Workers lived far away from the factory in very poor living conditions
Industrial Revolution Positives
- Access to a large volume of affordable goods; this raises the standard of living for the middle class
- Technological advancement; inventions such as the steam engine made manual labour tasks much easier and more efficient
- Improvements in sanitation and better-quality food led to decreased death rates
Industrial Revolution Negatives
- Urbanization created slums
- Abuse of the working class while the middle and upper class reaped the benefits
- Rise of consumerism
- Exploitation of colonies to create wealth and power in Global West
- Pollution and the destruction of the environment
Ethnocentrism
The assumption one;s own culture is morally and intellectually superior and that other cultures are inferior
Eurocentrism
A form of Ethnocentrism; the assumption that European values, culture, and beliefs are more important than those of other cultures
- In its most extreme forms, Eurocentrism can be referred to as “white supremacy”
Social Darwinism
- Darwin’s theory of evolution was that only the strongest survived
- Social Darwinism was the belief that strong nations could conquer weaker nations – thus ensuring the strongest cultures survive
