Untitled Deck Flashcards
Industrialization
“Gradual accumulation and diffusion of old and new technical knowledge that led to major economic changes in Britain, northwestern Europe, and North America. It resulted in large-scale industry and the harnessing of fossil fuels, which allowed economic growth to outpace the rate of population increase.” (Worlds Together
Worlds Apart)
• Mercantilism
• An economic system popularized in 16th-18th century Europe
focused on promoting a favorable trade balance for nations partly by extraction of raw materials from colonies and distribution of manufactured goods to colonies
• Capitalism
“Capitalism is an economic system that focuses on a free market to determine the most efficient allocation of resources and sets prices based on supply and demand.” (Investopedia)
• Communism
“a political and economic ideology that positions itself in opposition to liberal democracy and capitalism. It advocates instead for a classless system in which the means of production are owned communally and private property is nonexistent or severely curtailed.” (Investopedia)
• Working Class/Proletariat
“The ‘lower’ or ‘working’ classes, the members of which must under capitalism sell their labor in order to earn a living. Since the members of the proletariat do not own the products of their labor and do not have free access to the means of production or to the means of communication, they are alienated both from the products they produce and from each other.” (Purdue College of Liberal Arts)
• Capitalist/Bourgeoisie
In the nineteenth century, bourgeois came to refer to non-noble property owners, especially those who controlled modern industry.
(Worlds Together
Worlds Apart)
• Labor Unions (Luddites)
an organization of workers in a trade
industry