World History -- Industrialization

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**

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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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