Vocab
Land, Labor Capital
What are the Factors of production?
Economic system in which factors of production are privately owned and money is invested in business ventures to make a profit.
What is Capitalism?
workers joined together in voluntary labor associations
What is a Union?
The first industry to industrialize
What is the textile industry?
Describe the impacts of industrialization
•Wealth gap between classes grew
•Strengthened economic ties
•Industrial countries viewed poor countries as markets to be exploited
•Britain exploited overseas colonies
•The US, Russia, and Japan followed Britain’s lead and seized colonies
•Imperialism- the power of extending one country’s rule over many other lands
•Industrialization gave Europe and the US immense economic power
•Fueled Social reform
Large Building that housed machines
What is a factory?
•Economic policy that lets owners of industry and business set working conditions without interference
What is Laissez Faire?
The method in which Unions applied to apply pressure to government and corporations.
What is a Strike?
is the process of growing crops in a different field each year to preserve the fertility of the land.
What is Crop Rotation?
Describe Living Conditions in Urban environments.
Unpaved roads, garbage, lack of police protection and education, and sickness were the norm
The process of people moving to cities and cities growing.
What is Urbanization?
•Argued that Human societies have always been divided into warring states. Bourgeoisie- middle class (haves) against the Proletariat working class (have-nots)Thought that the Capitalist system would eventually impoverish the small business’ and the large proletariat would revolt and seize the means of production. The Proletariat could then share in the profits. Eventually as class divides ceased to exist, the government would cease to exist.
What is Communism?
The year that Slavery was fully abolished in the US.
1865
Forced many working-class to become tenant farmers.
Landowners buying the majority of the land and forming enclosures.
The reason why the US was forced to industrialize independently.
Blockades from the War of 1812
The power of extending one country's rule over many other lands.
What is Imperialism?
The factors of production are owned by the public and operate for the welfare of all
What is Socialism?
The first reforms to be passed focused primarily on which demographic?
Children
The industry that led to faster communication but more importantly connected goods and services to many cities.
What is the Transportation Industry?
Describe the change in energy sources that occurred due to industrialization.
Water-Coal-Oil
The primary individual who promoted Capitalism.
Who is Adam Smith?
People should judge ideas, institutions, and actions based on their utility.
What is Utilitarianism?
the 4 things that allowed England to industrialize first.
1.With water power and coal, new machines could be powered.
2.With Iron ore, they were able to build many of these new machines themselves
3.Rivers (and later canals) allowed for the easy transport of materials and goods
4.Plentiful harbors allowed for trade with merchants much easier