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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.)
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Flashcard (42)