Unit 3 History

Idustrialization

The development of industries in a country or region on a wide scale.

Economic Resources

land (natural resources), labor (human effort), capital (man-made goods), and entrepreneurship (the ability to combine other resources)

New Inventions

steam engine, locomotive, spinning Jenny, power loom, cotton gin, bessemer process

Socialism

economic and political philosophy that advocates for social ownership and control of the means of production, rather than private ownership

Communism

political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

Capitalism

an economic and political system in which a country's trade and industry are controlled by private owners for profit.

Adam Smith

a Scottish philosopher and economist, often called the "father of economics," most famous for his 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations. In this seminal work, he introduced the concept of political economy and detailed how individual self-interest, guided by an "invisible hand," could lead to collective prosperity, laying the foundation for free-market capitalism. 

Karl Marx

Karl Marx is known for his influential writings, The Communist Manifesto and Das Kapital, which critiqued capitalism and formed the foundation of Marxism. He advocated for a classless society, developing theories of historical materialism and class struggle to explain societal development

Labor Reform

changes to laws and workplace practices designed to improve workers' rights, safety, and economic well-being

unions

organizations of workers that advocate for their members' rights and interests, achieving higher wages, better benefits>>

Nationalism

a complex ideology centered on the idea that a nation, defined by shared history, culture, and language, should be self-governing and possess its own sovereign state, or nation-state

Unification

the process of being united or made into a whole

Nation State