Mercantilism, Capitalism, and Related Economic Movements

These flashcards are designed to help review key concepts and events related to mercantilism, capitalism, labor movements, and socio-economic reforms.

What economic and political system is characterized by trade and industry controlled by the private sector?

Capitalism

What term describes the economic philosophy advocating for minimal government intervention in the market?

Laissez-faire economics

During which century did Western European countries begin to shift from mercantilism to capitalism?

The late 18th century

What is Mercantilism primarily focused on?

State-controlled trade and limiting foreign trade.

What fundamental idea of Adam Smith promotes the concept that individuals pursuing their own interests will benefit society?

Invisible hand

What does the decline of mercantilism lead to in terms of economic control?

A shift from state control to individual control in free markets.

Which revolution highlighted the importance of individual capital over state control?

The Industrial Revolution

What is a significant social outcome of the Industrial Revolution concerning education?

Higher education became accessible to a new class of young people and women.

What is the primary purpose of Labor Unions?

To protect workers' rights and negotiate for better working conditions and wages.

Who were the primary workers in textile mills during the Industrial Revolution?

Women and children.

What did the Homestead strike represent in the context of labor unions?

Workers protesting against exploitation by management.

What is one of the main tenets of socialism as proposed by Karl Marx?

The free development of each is tied to the free development of all.

What is communism trying to replace?

Private property and a profit-based economy with public ownership.

What was the Tanzimat in the Ottoman Empire?

A series of reforms aimed at modernizing and preserving the Ottoman state.

What was one notable failure of the Tanzimat reforms?

The failure to successfully integrate Christians into military service.

What historical event prompted the Qing Self-Strengthening Movement?

The defeats in the two Opium Wars.

What was a key focus of the Qing Self-Strengthening Movement?

Developing a western-style military and establishing military industries.

Which economic philosophy emphasizes competition to maximize profit?

Capitalism.

What was the overall impact of the Industrial Revolution on average income?

Average income for the lowest 65% rose by 70% by 1860.

How did the quality of life change short term due to the Industrial Revolution?

Quality of life worsened driven by periods of slow income growth.

What was a significant environmental impact of transnational corporations?

Exploitation of labor and disruption of century-old ecology.

How did the concept of 'Gospel of Wealth' influence wealthy individuals?

They began donating large sums of money for public good.

What was one major criticism of capitalism during its rise in the 19th century?

Unequal distribution of wealth and associated poor working conditions.