INDUSTRIAL REVOLUTIONNNNNNNNNNNNN

Laissez faire

gov staying out of business affairs (no tariffs)

Adam Smith

wrote “wealth of nations” - foundation for capitalism

capitalism

invest $$ to make profit then reinvest - private ownership

Utilitarianism (usefulness)

government should get involved to help promote general welfare of people

Utopia

an ideal place (Based on Sir Thomas More’s book)

socialism

belief that gov should plan economy and control certain industries while the public owns and operates them

communism

radical type of socialism where gov would wither way and there would be a classes society (all equal…no private)

Karl Marx

wrote communist manifesto (communism bible)

James Hargreeves

spinning Jenny

richard arkwright

water frame

samuel crompton

spinning mule

Eli Whitney

spinning Jenny - also made interchangable parts on a gun

James Watt

IMPROVED steam engine

Robert Fulton

steamboat (Clermont)

Richard Trevithick

steam driven locomotive

George Stephenson

R.R. locomotive