Barrons Euro Study Unit 6

Capitalism

Capitalism

An economic system that prioritizes private companies and groups over the state

Industrial Revolution

A period of rapid technological and social development in Europe during the 19th century

• First started in Britain

Medieval common lands

land that was shared between poor people to grow crops (not particularly owned by anybody → communal)

Proletariat

The name given to the lower class during the Industrial Revolution → the working class

Child labor laws

Laws that governments set after concern rose among the citizens about children working in dangerous conditions

Factory Act of 1833

An act that Britain passed that set specific regulations for working in a factory

• after concerns rose about the safety of factory machinery

Mines Act of 1842

An act that Britain passed that set specific regulations for working in mines

• after concerns rose about the safety of the mines

Ten Hours Act of 1847

An act that Britain passed to restrict the number of hours a child can work

Bourgeoisie

The upper class during the Industrial Revolution (Marx did not like these people)

Class consciousness

Marx’s term for when people are aware of the differences between their social class and a different social class

Utilitarianism

The idea that if the majority of the people are happy, then the action is right

Socialism

The ideology that things should be regulated by the community rather than individuals

Jeremy Bentham

Person that first introduced Utilitarianism (greater good for the greater number)

John Stuart Mill

The person that applied utilitarianism to morality (people should do whatever achieves the greatest amount of happiness)

Thomas Malthus

Tried to provide an explanation why the Industrial Revolution was creating more poverty

• the poor are poor due to divine punishment

David Ricardo

person that introduced the Iron Law of Wages

• the poor will stay poor, therefore it is futile to try and change that

Comte de Saint-Simon

person that came up with the idea that the working class is necessary to run an effective society and economy

Karl Marx

Stated that all of history can be reduced to a class struggle

• capitalism isn’t the best, but all economic systems lead to communism

• communism is where everybody is equal

James Watt

developed the rotary steam engine (made improvements to previous steam engines that were less efficient)

Adam Smith

Economist who believed that laissez-faire economics was the best → minimal government intervention (lived during the scientific revolution, but was important during the I.R.)