Economic Systems and Imperialism

These flashcards cover key vocabulary related to economic systems and imperialism as discussed in class.

Capitalism

Capitalism is an economic system where individuals own businesses and produce goods to make a profit. People invest their own money and compete with others in the market. During the Industrial Revolution, capitalism helped economies grow but also increased the gap between wealthy factory owners and poor workers.

Imperialism

Imperialism is when a powerful country takes control of weaker regions. This control can be political, economic, or military. European nations used imperialism to gain raw materials, new markets, and power, often harming the people they controlled.

Scramble for Africa

The Scramble for Africa was the rapid takeover of African land by European countries in the late 1800s. European nations competed with each other for territory and resources. African people were not consulted and had no control over how their land was divided.

Opium Wars

The Opium Wars were conflicts between Britain and China over Britain selling opium in China. Britain forced China to allow the opium trade, which seriously harmed Chinese society. After the wars, China became weaker and more controlled by foreign powers.

Laissez Faire

Laissez-faire is the belief that the government should not interfere in the economy. Supporters believed businesses should operate freely without rules or regulations. During the Industrial Revolution, this allowed industries to grow but left workers without protection.

Urbanization

Urbanization is the movement of people from rural areas to cities. This increased during the Industrial Revolution because factories were located in cities and needed workers. As cities grew quickly, many people lived in crowded, dirty, and unhealthy conditions.

Social Darwinism

Social Darwinism is the belief that stronger nations or groups are naturally meant to dominate weaker ones. Europeans used this idea to justify imperialism and unequal treatment of others. It supported racism and the belief that Europeans were superior.

Sphere of Influence

A sphere of influence is an area where a foreign country has economic and political power without fully colonizing it. This was common in China, where European nations controlled trade. Countries in spheres of influence lost independence even though they were not official colonies.

Industrial Revolution

The Industrial Revolution was a period when production changed from handmade goods to machine-made goods in factories. It began in Great Britain and spread to other regions. This led to economic growth but also harsh working and living conditions.

Berlin Conference

The Berlin Conference was a meeting where European nations decided how to divide Africa among themselves. No African leaders were invited to participate. The borders created during the conference caused long-term conflict and instability in Africa.