Studied by 14 people
Laissez-Faire
“hands off” policy that was introduced
Adam Smith
Scottish economist and philosopher
Wrote The Wealth of Nations
Law of Competition
When businesses compete, it allows for better quality goods and products at lower prices.
Law of Supply and Demand
Buyers will buy what they want and sellers will make/produce it.
Law of Self-Interest
Everyone works for their own good = motivated population
Textiles
the type of factory where the industrial revolution begins
Jethro Tull
invented the Seed Drill
Industrialization
the development of industries in a country or region on a wide scale.
Enclosures
large plots of land within a larger field
allowed for farmers to try new methods
allowed for farmers to grow healthier crops.
Land, Labor, Capital
What are the factors of production?
Entrepreneur
a person who organizes, manages, & takes on the risks of a business
James Watt
made a more efficient steam engine
John Kay
created a shuttle that was time efficient
James Hargreaves
created the spinning wheel
Richard Arkwright
created the water frame
Edmund Cartwright
created the power loom
Eli Whitney
invented the cotton gin
Robert Fulton
made the first steamboat
John McAdam
created the “macadam roads”
George Stephenson
Early railroad engineer who worked on the world’s first railroad line
The Rocket
What was the first successful “train” called
Socialism
a form of government that is in the middle of the scale.
Allows some private property, but also has some government involvement.
Capitalism
an economic and political system in which a country's trade and industry are controlled by private owners for profit.
Jeremy Bentham
the father of utilitarianism.
Utilitarianism
a law or idea should be used if its helpful to only most of all of the people. Shouldn’t be used if it benefits just one group.
Bourgeoisie
“Haves”
those who make their living through property or through ownership of the means of production.
Proletariat
“Have-nots”
The working class
Marxism
a radical and complete form of socialism
Karl Marx and Frederick Engels
What two people created marxism?
Luddites
group of working class that revolted against the middle class.
Communism
a form of complete socialism in which the means of production would be owned by the people and private property would cease to exist.
Labor Unions
voluntary associations of workers who pressed for reforms were called this
Collective Bargaining
a process of negotiation between workers and their employers
Strike
a refusal to work by employees is called this
Francis Cabot Lowell
started the Textile industry in the United States
Stock
the capital raised by a business or corporation through the issue and subscription of shares.
Corporations
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Wealth of Nations
he magnum opus of the Scottish economist and moral philosopher Adam Smith.
Crop Rotation
the practice of planting different crops sequentially on the same plot of land to improve soil health, optimize nutrients in the soil, and combat pest and weed pressure.
Factory
a building or group of buildings where goods are manufactured or assembled chiefly by machine.
NO ANSWER
Explain the working conditions in industrialized societies
TYPE “NO ANSWER”
Urbanization
the process of making an area more urban.
NO ANSWER
Explain the living conditions in industrialized societies
TYPE “NO ANSWER”
Growing Cities, Growing Economy, More Jobs
What was the Impact of the Industrial Revolution?
Communist Manifesto
the book that summarises Marx and Engels' theories concerning the nature of society and politics
Turnpikes
business corporations that built and maintained a road for the right to collect fees from travelers
The Clermont
what was the first ever steamboat?
The Rocket
the first modern steam locomotive
Samuel Slater
an early English-American industrialist known as the "Father of the American Industrial Revolution
Andrew Carnegie
led the expansion of the American steel industry in the late 19th century and became one of the richest Americans in history.
John Rockefeller
His fortune primarily came from his firm, Standard Oil Company, which grew to dominate the oil industry and become the first great American business trust.
Thomas Malthus
published the Principle of Population where he made the observations that the human race would be likely to overproduce if the population size was not kept under control.
David Ricardo
best known for developing the comparative advantage economic theory. Comparative advantage theorizes that, for international trade, countries most benefit from producing goods with low production opportunity costs.
American Federation of Labor
was a national federation of labor unions in the United States that continues today as the AFL–CIO.
William Wilberforce
After stopping the trading of slaves, he devoted himself for the next 25 years to ending the institution of slavery itself.
Abolitionism
the movement to end slavery
Jane Addams
She was an important leader in the history of social work and women's suffrage in the United States.
Horace Mann
was an American educational reformer, slavery abolitionist and Whig politician known for his commitment to promoting public education.
Essay
ESSAY: Explain why Industrialization started in England.
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Essay
ESSAY: Compare/Contrast Capitalism and Socialism
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Essay
ESSAY: Explain the long-term positives of the Industrial Revolution
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