New Economic Ideas and the Agricultural Revolution

These flashcards cover key concepts and figures related to economic ideas and the Agricultural Revolution discussed in the lecture.

What is the definition of Utilitarianism according to Jeremy Bentham and John Stuart Mill?

Actions should aim to produce the most happiness for the greatest number of people.

According to David Ricardo's Iron Law of Wages, what happens to wages?

Wages naturally stay around subsistence levels; attempts to raise wages are futile.

What did Thomas Malthus believe about population growth and food production?

He believed that population growth would outpace the production of food, leading to inevitable struggles.

What are the three major economic systems during the Industrial Revolution?

Capitalism, Communism, and Socialism.

Define Capitalism. Who is a key figure associated with it?

An economic system based on individual ownership and competition; key figure is Adam Smith.

What are the advantages and disadvantages of Capitalism?

Advantages: Freedom and choice; Disadvantages: Lack of safety net for unsuccessful individuals.

What is Socialism and what role does the government play in it?

A transitional system between capitalism where the government controls production and people are paid based on social need.

In the context of Communism, what are the key advantages and disadvantages?

Advantages: Security of basic needs for everyone; Disadvantages: Lack of choice and potential dictatorship of the middle class.

What agricultural practices were developed during the Agricultural Revolution?

Field crop rotation and selective breeding.

What is the significance of the Seed Drill invented by Jethro Tull?

It made planting seeds more efficient and precise.

What was the Enclosure Movement and its impact on farmers?

It involved consolidating land formerly shared by peasant farmers, hurting the poor farmers' grazing rights but increasing agricultural efficiency.

How did the Agricultural Revolution contribute to the Industrial Revolution?

Increased food production led to a population explosion that provided labor for the Industrial Revolution.

Why is field crop rotation considered a significant agricultural innovation?

It allowed for continuous cropping without leaving fields fallow, enabling the introduction of new crops like clover and turnips.