Chapter 9 Vocab

Industrialization

Adam Smith

Adam Smith

Adam Smith was among the first philosophers of his time to declare that wealth is created through productive labor, and that self-interest motivates people to put their resources to the best use. He argued that profits flowed from capital investments, and that capital gets directed to where the most profit can be made.(Capitalism at its finest)

Karl Marx

He believed all countries should become capitalist and develop that productive capacity, and then workers would naturally revolt, leading communism whereby the workers would become the dominant social class and collectively control the means of production.(Socialism at its finest)

Anthropacene

“Age of Man” ( Industrialization )

Socialism

Hufnagel - challenges the assumptions of a capitalist society

Proletariat

The working class in Karl Marx’s’ eyes

Bourgeoisie

Capital Class in Karl Marx’s’ eyes

Labor Party

Working Class Party in Parliment

Populists

Supported ordinary people (farmers) who felt politically overlooked by established elite groups

* they challenged banks, industrialists, monopolies, the existing money system, and both major political parties

(major political parties were heavily tied to corporate interests)

Progressives

Pushed for changes in wages, hours, sanitation standards, antitrust laws, and more gov’t intervention in the economy

Laissez-Faire Capitalism

The government does not get involved in trade (instead, markets run a natural course through buying and selling.  The “Invisible Hand” theory.

Russian Social-Democratic Labor Party

Was illegal but fought for workers’ education, union organizing, and revolutionary action

Conservatives

Favored government similar to colonial era

Liberals

Sought change because…

1) there was no change in women’s rights

2) slavery was abolished but continued

3) the majority of the population was very poor

Caudillo

A military or political leader (gained control of gov't after independence movements in Latin America)

Porfirio Diaz

middle class reformers, workers, and peasants overthrew the dictator

Pancho Villa and Emiliano Zapata

Leadership of the revolt against Porfirio Diaz’s dictatorship