Recording-2025-10-15T13:28:40.586Z

Industrial Revolution

A period of major industrialization and economic change that began in the 18th and 19th centuries, characterized by the growth of factories and mass production.

Karl Marx

A philosopher and economist known for his critiques of capitalism and advocate for communism as outlined in 'The Communist Manifesto' co-authored with Friedrich Engels.

Bourgeoisie

The social class that owns the means of production in a capitalist society, contrasted with the proletariat.

Proletariat

The working-class individuals who sell their labor for wages; the class exploited by the bourgeoisie according to Marxist theory.

Means of Production

The facilities and resources for producing goods, including factories, machinery, and raw materials.

Alienation

The state of being disconnected or separated from one's work, the product of work, other workers, and their own human potential, as described by Marx.

Free Market System

An economic system where prices are determined by unrestricted competition between privately owned businesses.

Utilitarian Argument

The philosophical basis for actions judged by their outcomes, aiming to achieve the greatest good for the greatest number.

Exploitation

A situation where one class benefits at the expense of another, often seen in labor contexts when workers receive less value than they produce.

Employment at Will

A legal doctrine stating that an employee can be terminated for any reason without warning, as long as it's not illegal.

Child Labor

The use of children in industry or business, often detrimental to their physical and mental well-being and restricted by law in contemporary society.

Division of Labor

The separation of tasks in any economic system so that workers can specialize, which increases efficiency according to Adam Smith but criticized by Marx.

Surplus Value

The difference between what workers are paid and the value they produce, which Marx argued benefits only the capitalists.

Overproduction

A situation in which production of goods exceeds the demand for them, leading to economic imbalances.

Class Struggle

Marx's theory that history is driven by conflicts between different social classes, primarily between the bourgeoisie and the proletariat.

Communism

A political theory advocating for a classless society where the means of production are owned communally, abolishing private ownership.