Industrialization and Capitalism: Key Figures and Concepts (Lecture Notes)

A set of QUESTION_AND_ANSWER flashcards covering key people, concepts, and events from the notes on capitalism, socialism, industrialization, and modernization.

Who authored The Wealth of Nations and what economic system did it advocate (including publication year)?

Adam Smith; advocated capitalism and private entrepreneurship; published in 1776; introduced the idea of the invisible hand.

What is Capitalism?

An economic and political system in which private individuals own resources and operate them for profit, with markets guiding production and limited government intervention.

What does laissez-faire mean in economics?

A doctrine advocating minimal government regulation of the economy; emphasizes limited or no government interference in markets.

What was John Stuart Mill known for in the context of industrial society?

A philosopher who fought for safe working conditions and social reforms; he did not fully embrace unregulated capitalism.

Who wrote the Communist Manifesto (1848) and what did it argue?

Karl Marx (with Friedrich Engels); argued against capitalism and for equality through communism.

What is the Communist Manifesto (1848)?

A work by Karl Marx and Friedrich Engels arguing against capitalism and for a classless, communist society.

What is the Invisible Hand and who introduced it?

A concept by Adam Smith describing how self-interest in a free market leads to efficient allocation of resources and societal benefits.

What powered steamships and who contributed to their development?

Steam engines powered steamships; improvements by James Watt enabled quicker transportation.

What is Urbanization?

The process by which rural areas become urban through migration to cities and the growth of industrial workplaces.

Who was Otto von Bismarck and what was his approach to industrial workers' welfare?

Germany's chancellor who pursued early social welfare measures to protect the health and security of industrial workers.

What was the Meiji Restoration era and its significance?

The Meiji period (1868-1912) in Japan marked the end of isolation and the beginning of modernization and industrialization.

What characterizes the Industrial Revolution and where did it begin?

A period of increased mechanization and social change; began in Britain (circa 1750-1900) and spread to the rest of the world.