Industrial Revolution

Industrial Revolution

Transition from agriculture to industrial manufacturing.

Time Period

1760 to 1840, marked economic explosion.

Urbanization

Population shift from rural to urban areas.

Labor Reform

Changes improving working conditions and rights.

Production Efficiency

Increased output through mechanical innovations.

Natural Resources

Materials required for production processes.

Economic Colonization

Control of resources for national economic interests.

Enclosure Movement

Privatization of common land for increased production.

Tragedy of the Commons

Individual self-interest depletes shared resources.

Mercantilism

Economic system focusing on trade balance.

Zero Sum Wealth

Fixed wealth; one gains at another's loss.

Capitalism

Economic system based on private ownership for profit.

Adam Smith

Scottish economist, author of 'The Wealth of Nations'.

Law of Self-Interest

Economic behavior driven by personal gain.

Law of Competition

More businesses lead to better products through rivalry.

Law of Supply and Demand

Prices balance production costs with consumer demand.

Consumer Class

New social group created by industrial employment.

Manufacturing Demand

Increased need for raw materials and services.

Consequences of Privatization

Poor farmers lost access to grazing land.

Political Economics

Discussion on the relationship between politics and economy.

Capitalism vs Socialism

Private ownership versus state-controlled production.

Marx & Engels

Authors of 'The Communist Manifesto', critiquing capitalism.

Proletariat

Working class in opposition to bourgeoisie.

Bourgeoisie

Capitalist class owning production means.

Hegel's Dialectic

Ideological evolution through conflict and resolution.

Socialism

Economic system advocating public ownership of production.