VOCABULARY QUIZ #2 Flashcards
industrial revolution
an economic change in the source of energy for work, a change in the way goods and services were produced
bourgeoisie
( NEW MIDDLE CLASS ) middle class owners of factories & means of production
enclosure movement
in which landowners claimed common land & used it to experiment new farming methods
agricultural revolution
changes in the way crops were grown which led to increased food production
james watt
scottish inventor of the first steam engine
mass production
the making of identical products on a large scale by diving work into simple repetitive tasks
josiah wedgewood
first englishman to mass produce porcelain outside of china
eli whitney
american inventor of the cotton gin
interchangeable parts
standardized parts that could be used in all machines, made from iron smelted from coal
steam engine
machine that could produce energy from steam
electric telegraph
system that allowed for transmission of communication over long distances instantaneously
samuel morse
american inventor of a communication code on an electric telegraph
corporations
private businesses owned by many individual & institutional investors who provided necessary capital by buying stocks representing shares in the company
the wealth of nations
book written by adam smith outlining the ideas of a free-market system based on capitalism & laissez-faire economics
supply & demand
the forces of a free-market that adam smith argued should regulate the economy
invisible hand
the metaphor for competition within the economy among businesses, being regulated by supply & demand, phrased coined by adam smith
adam smith
british economist & author of the Weath of Nations, argued for capitalism
monopolies
giant corporations that controlled a single industry or production process
break-of-bulk
the transfer of cargo from one type of carrier (ships, trains, trucks) to another
trans-siberian railroad
railroad built in Russia from Moscow to the Pacific Ocean, created link between Europe & East Asia and aided in the shipment of coal & iron
urbanization
the growth of densely populated cities as a result of the migration of people to job locations in factories
cult of domesticity
the separation of women from the outside world & the creation of an insulated world of home, servants, children & management of the family’s social life
laissez-faire
economic theory which holds that the government should not interfere with the economy, which should fluctuate based on a free-market model of supply & demand
robert owen
welsh theorist who was an advocate for utopian socialism
utopian socialism
an economic ideology which holds that the world community should be based on political, social, and economic equality, instead of capitalist competition
karl marx
german socialist who believed that the revolution, not reform, was the only solution to the misery & unfairness that resulted from the capitalist competition caused by industrialization
the communist manifesto
karl marx’s book in which he proposed a revolution of the proletariat to take the means of production away from the bourgeoisie, in order to create equality in society & end social injustices
das capital
karl marx’s book in which he argued that under a communist economic system, there would be no need for governments
communism
an economic system which holds that the community as a whole should control the means of production and subsequent wealth in order to eliminate social injustices
proletariat
industrial working class
labor unions
organizations of workers who used methods in order to gain more rights, high pay, and better working conditions
samuel gompers
president of the american federation of labor
social darwinism
ideas to explain how groups of people in society or businesses in the industrial world, survive due to their “fitness” while the weak die out of get taken over, using Darwin’s theory of evolution applied to society
malthusian dilemma
thomas malthus’s prediction that there wouldn’t be enough resources for the whole population due to population explosion
demographic transitions
shift in population percentages of the industrialized countries from younger people to older people as more families were having less children, and the life expectancy of adulthood increased
