Key Concepts in Economic and Political Systems

Industrialization

The process of developing industries in a country or region.

Entrepreneur

An individual who creates and manages a new business, taking on financial risks in the hope of profit.

Urbanization

The increasing population in urban areas, often resulting in the growth of cities.

Capitalism

An economic system where private individuals or businesses own capital goods and are responsible for their production and distribution.

Socialism

A political and economic theory advocating for collective or governmental ownership and administration of the means of production and allocation of resources.

Communism

A political and economic ideology aiming for a classless society in which all property is publicly owned.

Nationalism

A strong attachment to a particular country or nation thinking they are better

Imperialism

A policy of extending a country's power and influence through colonization, military force, or other means.

Realpolitik

A system of politics or principles based on practical rather than moral or ideological considerations.

Enclosure (movement)

The historical process in England where common land was transformed into privately owned land, often resulting in the displacement of peasant populations.