Building Global Economy

Gross Domestic Product (GDP)

A monetary measure that represents the market value of all final goods and services produced in a country during a specific period.

Productivity

A measure of the efficiency of production, often expressed as the ratio of outputs to inputs.

Industrial Revolution

The period of major industrialization that took place during the late 18th and early 19th centuries, characterized by the shift from manual labor to machines.

Richard Arkwright

An innovator in the textile industry who pioneered the factory system, allowing for mass production.

James Watt

An inventor who improved the steam engine, leading to its widespread use in industry.

Abraham Darby

An innovator known for his work in the production of iron, especially for his use of coke in smelting.

Bessemer Process

A method for producing steel by removing impurities from iron, leading to cheaper and faster steel production.

Michael Faraday

A scientist whose work laid the foundation for the modern understanding of electromagnetism and electrochemistry.

Fredrick Taylor

An approach to increasing efficiency in production by analyzing and synthesizing workflows.

Age of Progress

A period characterized by significant advancements in technology and industry.

Automation

The use of control systems for operating equipment in various industries with minimal or reduced human intervention.

Luddities

A group of English workers in the early 19th century who destroyed machinery that they believed was threatening their jobs.

Network Effect

A phenomenon whereby increased numbers of participants improve the value of a good or service.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale.

"Workshop of the World"

A term used to describe Britain during the Industrial Revolution due to its vast production of goods.

George Stephenson

The designer of the first successful steam locomotive, which opened up new transportation possibilities.

Robert Fulton

An engineer and inventor credited with developing the first successful commercial steamboat.

Samuel Morse

An inventor known for creating the single-wire telegraph system and Morse code.

Alexander Graham Bell

An inventor who is credited with patenting the first practical telephone.

Gottlieb Daimler & Karl Benz

Pioneers in the automotive industry known for developing the first gasoline-powered automobiles.

Wright Brothers

The inventors of the first successful powered airplane.

Standardized Cargo Containers

Intermodal containers that are standardized for transporting goods across different modes of transport.

Knowledge Economy

An economy driven by the production and management of knowledge and information.

Technological Leap Frogging

The process where developing countries skip stages of technology diffusion, advancing rapidly in technology implementation.

Urbanization

The process by which an increasing percentage of a population comes to live in urban areas.

Mega Cities

Cities with a population of over ten million people.

Surplus Population

The excess population that exceeds the capacity of the economy or environment to sustain.

Manchester

A nickname for Manchester in the 19th century, reflecting its dominance in cotton production.

John Snow

A physician who is considered the father of modern epidemiology for his study of cholera outbreaks.

Joseph Chamberlain

A British statesman noted for his role in municipal reform and the growth of Birmingham.

Municipal Socialism

A political ideology advocating for social services and welfare provided at the municipal level.

Agglomeration

The phenomenon where businesses and people cluster together in a concentrated area.

Migration (Global Free Migration)

The movement of people across borders with few or no restrictions.

Louis Pasteur

A scientist known for his discoveries related to germs and vaccination, significantly impacting public health.

Green Revolution

A period of agricultural innovation that significantly increased food production globally.

World Health Organization

The international public health agency credited with the eradication of smallpox.

Capitalism

An economic system characterized by private ownership of the means of production and their operation for profit.

Adam Smith

An economist known for his work, which laid the foundation for modern economic theory.

Socialism

An economic and political system where the means of production are owned or regulated by the community.

Karl Marx

A political pamphlet by Marx and Engels that outlines the principles of communism.

Labor Unions

Organized associations of workers that engage in negotiations with employers on behalf of workers.

John Stuart Mill

A British philosopher and political economist known for his contributions to liberal thought.

Labour Party

A political party in the United Kingdom that represents the interests of labor and promotes social justice.

Social Welfare Programs

Government initiatives designed to provide support for those in need.

John Maynard Keynes

An economist whose ideas fundamentally changed the theory and practice of macroeconomics and economic policy.

Thirty Golden Years

A period of economic expansion and prosperity experienced in many Western economies post-World War II.

"off-shoring"

The practice of relocating business processes or services to another country to reduce costs.

"deindustrializing"

The process of declining industrial activity in a region or economy.

Knowledge Economy

An economy based on the production and management of knowledge and information.