unit 3 half test Flashcards
enclosures
one of the fenced in or hedged in fields created by wealthy British landowners on land that was formally worked by village farmers
crop rotation
the system of growing a different crop in a field each year to preserve the fertility of the land
industrialization
the development of industries for the machine production of goods
entrepreneur
a person who organizes manages and takes on the risks of a business
urbanization
the growth of cities and the migration of people into them
stock
Certain rights of ownership
corporation
a business owned by stockholders who share in its profits but are not personally responsible for its debts
Laissez faire
the idea that government should not interfere with or regulate industries and businesses: policy of letting owners of businesses set working conditions
capitalism
an economic system based on private ownership and on the investment of money in business ventures in order to make a profit
utilitarianism
the theory proposed by Jeremy Bentham in the late 1700s that government actions are useful only if they promote the greatest good for the greatest number of people
socialism
an economic system in which factors of production are owned by the public and operate for the welfare of all
communism
an economic system in which all means of production land mines factories railroads and businesses are owned by the people private property does not exist and all goods and services are shared equally
suffrage
the right to vote
dominion
the British Empire allowed to govern its own domestic affairs
manifest destiny
the idea, popular among mid 19th century Americans, that it was the right and the duty of the united states to rule north America from the Atlantic ocean to the pacific ocean
mass culture
the production of works of art and entertainment design to appeal to a large audience
Charles Darwin
English naturalist. natural selection and theory of evolution.
Alfred Dreyfus
one of the few Jewish officers in the french army accused of selling military secrets to Germany. Found Guilty. Framed. refused to reopen his case.
Karl Marx
introduced the world to a radical type of socialism : Marxism. the communist manifests.
Adam Smith
professor at the university of Glasgow, Scotland defended idea of free economy or free markets. book Wealth of Nations. 3 laws natural laws
self interest law of competition law of supply and demand
James Watt
mathematical instrument maker. figured out how to make the steam engine work fast and run more efficiently while burning less fuel
why did the industrial revolution begin in Britain?
large population, extensive natural resources (industrial required natural resources) such as water power and coal to fuel machines, iron ore to construct machines, tools, buildings, rivers for inland transportation, and harbors form which merchant ships set sail. expanding economy to support industrialization. business people to invest, banking system so ppl could get loans to invest. Political stability. had all factors of production (land labor and wealth) to support the industrial revolution
improvement of the industrialization revolution
Created jobs for workers, contributed to the wealth of the nation, fostered technological progress and invention, increased the production of goods and raised the standard of living, provided hope of improvement in peoples lives. healthier diets, better housing, cheaper clothing, expanded educational opportunities.
effects of industrialization on daily life
long hours, sickness, bad housing, dangerous jobs, poor sanitary conditions, child labor.
industrialism in the US and Continental europe
US- textile industry. Britain forbid workers to leave the country to prevent their secrets from getting out. Continental Europe- Belgium: adopted Britain new technology Germany: built railroads that linked the growing manufacturing cities.
Economic differences during the industrial revolution
capitalism- individuals owed property and means of production, progress resulted when individuals followed their own self interests, government should not interfere in the economy because competition created efficiency in business
Socialism- community or state own property and means of production, progress results when a community of producers cooperate fo the good of all, socialist believe that capitalist employer stake advantage of workers.