Unit 5 World Vocab Part 2

Adam Smith

Adam Smith

Def: a Scottish economist, Enlightenment philosopher and author as well as a moral philosopher who authored "The Wealth of Nations"

Sig: Opposed mercantilism because he believed government should not have a hand in directing the economy (i.e. laissez faire); believed economy should be directed by consumers and supply and demand; credited for creating classical economics and championing capitalism

Bourgeoisie

Def: the largely middle class who defended the French Revolution against the aristocracy; in Marxist ideology, a class or group of people committed to owning private-property

Sig: later become termed as "capitalists" who, according to socialist ideology, exploited the labor of the working class to become wealthy, leading to issues such as poverty, inequality, etc.

Boxer Rebellion (1899-1900)

Def: led by a group of the same name, who unsuccessfully tried to rid China of foreign influence but failed due to foreign forces moving quickly to put it down

Sig: their defeat allowed foreigners to gain even more concessions from the Qing, thus further weakening the dynasty

Capitalism

Def: an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state

Sig: was a direct result of Industrialization and Imperialism; the system spread, along with democracy, around the globe; heavily influenced globalization and led to direct competition with socialist countries and economies

Communism

Def: Inspired by Karl Marx's "Communist Manifesto", this is a totalitarian system of government in which a single authoritarian party controls state-owned means of production and controls all sociopolitical facets of the country on behalf of the previously exploited lower classes

Sig: inspired many local resistance movements to capitalism; was the theory of the Bolsheviks in Russia that overthrew the czarist government to establish the Soviet Union, and spread around the globe; this spread led to competition between democratic Western nations and communist Eastern nations known as the Cold War

Cult of Domesticity

Def: the rise in America of an ideal of feminine behavior and womanliness in the period of 1820 to 1860; woman was portrayed as the chief homemaker and caregiver due to what was considered her "unique" moral and temperamental qualities

Sig: propagated quickly through popular culture, such as magazines, newspapers, and fiction, to set the standard for the ideal woman; still influences conservative views of a woman's role in modern societies

First Industrial Revolution

Def: technological innovations in the 1700s led to the industrialization and mass production of goods using machine power; was a gradual process that spread throughout western Europe to Russia, the U.S. and Japan

Sig: revolutionized production of goods through machines such as the flying shuttle and spinning jenny; standard of living rose and rapid urbanization occurred as people moved to the cities to work in factories; led to the rise of the bourgeoisie; governments passed legislation to protect workers

Karl Marx

Def: socio-economic theorist that wrote the "Communist Manifesto" with Friedrich Engels; his ideas included and analyzation of class relations and social conflict to drive economic and governmental policy; belief that industrial capitalism is an inherently unstable system, doomed to fail through revolutionary upheaval by the proletariat, creating a classless society

Sig: his ideas inspired socialist movements of workers and intellectuals during the Industrial Revolution in Europe; socialists created political parties in most European states and internationally; inspired many late 19th and early 20th century revolutionary movements

Labor Unions

Def: an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests; these became more widespread in the late 19th century, as a result of the spread of socialist ideas and a resistance against abuses in the factory system and urban issues

Sig: successfully led to widespread reform across many western countries, including a higher minimum-wage, child labor laws, better working conditions and hours; also further spread socialist ideas and led to widespread protests in several countries, including the U.S.

Limited-Liability Corporation

Def: a type of business with limited liability for the owners, with the advantage of not paying corporate income tax; the owners of the company are not personally liable for any of the debt or other issues within a company

Sig: developed in the 19th century as a new financial instrument and came to replace many joint-stock companies of earlier times; became increasingly popular in many western nations including the U.S.

Maori Nationalism

Def: a series of protests of the native Maori New Zealand population against British colonial rulers; the Maori nationalists used petitions, court cases, deputations to the British monarch and New Zealand governments, passive resistance and boycotts to achieve independence as a separate Maori political system

Sig: led to a series of conflicts and even violent revolts against the New Zealand government; the Maori population was not fully successful in achieving full independence, but eventually would receive land rights and greater political representation in New Zealand government

Meiji Restoration (1868-1912)

Def: rebellion overthrew the shogun and established a government led by the emperor, who initiated a series of social, economic and political reform to modernize the nation by selectively borrowing Western ideas, including rapid industrialization and modernization of the military, to avoid the same fate as China

Sig: began a foreign policy of empire building that would establish Japan as a global power into the 20th century and chief antagonist of the United States in the Pacific

Muhammad Ali

Def: ended traditional Egyptian society and Mamluk's rule after French occupation; made cotton the chief crop of Egypt but efforts to industrialize failed

Sig: founded a dynasty which ruled Egypt from the early 19th to the mid-20th century; encouraged the emergence of the modern Egyptian state through economic, social and political reform

Second Industrial Revolution

Def: emerged with the invention of electricity and the production of steel, chemicals and precision machinery in the later 19th century

Sig: created heavily industrialized nations and increased military power; created globally-dominated countries with the use of new technology and weaponry; spread capitalist ideals to a global market

Self-Strengthening Movement

Def: a series of reforms enacted by the Qing dynasty as a result of a series of unequal treaties and internal revolts; the reforms focused on the introduction of selective Western technology in the hopes of modernizing the nation

Sig: had limited success (allowed China to bolster its military to a limited extent) but China remained an agrarian-based society centered on traditional Confucian thought

Socialism

Def: the belief that people should work toward the creation of a perfect society in which everyone was equal; encouraged workers to take control and create a classless society; pioneered by Karl Marx in his "Communist Manifesto"

Sig: this theory gets adopted by the Bolsheviks in Russia and the later Soviet Union; spread largely due to unhappiness in existing forms of government and/or imperial rule

Stock Market

Def: a general term used to describe all transactions involving the buying and selling of stock shares issued by a company; developed as a new financial instrument in the 19th century as a result of the new global nature of trade

Sig: led to the growth of larger international and transnational corporations that increased the power of Western nations, such as the U.S.; led to the decrease of the power of traditional joint-stock companies

Taiping Rebellion (1850-1864)

Def: a rebellion by Chinese peasants challenged and threatened the imperial rule of the Qing dynasty; the leaders of the revolt were heavily influenced by Christian teachings and offered ideas such as the redistribution of land, public education and rights for women

Sig: although the rebellion was successful in gaining supporters and captured Nanjing, led to a tremendous loss of life; ultimately failed but forced the Qing to make reforms, such as the Self-Strengthening Movement

Tanzimat

Def: was a period of reform in the Ottoman Empire through various attempts to modernize the empire, and secure its territorial integrity against internal nationalist movements and external aggressive powers.

Sig: many overall reforms remained in place, including higher education, greater rights, and modern art, architecture, clothing and lifestyle were implemented. Though a constitution was implemented, the sultan's power remained largely untouched.

Transnational Business

Def: a business that operates in several different countries but has their primary office and headquarters in one country; the growth of the global nature of trade and production led to the increase in these businesses in the 19th century, as the influence of mercantilism and joint-stock companies decreased

Sig: led to greater economic imperialism by several countries, including the United States, who used transnational businesses as a way to influence other countries; examples include HSBC, Unilever and the United Fruit Company