Trade, Mercantilism, and the Rise of Industry

Vocabulary flashcards covering the government support of industry, negative and positive impacts of the Industrial Revolution, mercantilism, triangular trade, and factors driving industrial growth.

Government Support of Industry

Economic backing characterized by incentives, loans, high tariffs, and minimal regulations with no environmental laws or employee protection.

High Tariffs

Taxes on foreign goods used by governments to support domestic industry.

Social Darwinism

An ideology promoted during the Industrial Revolution that advocated "survival of the fittest" as the economic gap between rich and poor grew.

Monopolies

Market entities that emerged during the Industrial Revolution and made business competition unfair.

Imperialism

The expansion of power pursued by Europe, the US, and Japan during the era of industrialization.

Columbian Exchange & Triangular Trade

The movement of people and goods between Europe, the Americas, and Africa that caused the spread of plants, animals, ideas, and diseases, indigenous population decline, and the development of African slavery.

Mercantilism

An economic policy developed during the $17^{\text{th}}\text{ century}$ requiring colonies to trade exclusively with their mother country (England), sending raw goods to the mother country and receiving finished goods in return.

The Rise of Industry ($1700\text{--}1900$)

A period in the early $18^{\text{th}}$ to $20^{\text{th}}\text{ century}$ marked by rapid industrialization in Western Europe, the US, and Japan, which transformed production from hand craftsmanship to machine manufacturing.

Enclosure Movement

An aspect of the agricultural revolution that served as a key factor in industrial growth.

Industrial Power Sources

Energy and mineral resources discovered and utilized to drive industrial growth, specifically electricity, coal, iron, and oil.

Immigration ($1875\text{--}1980$)

A key factor in industrial expansion during which $20\text{ million}$ immigrants entered the labor force.