Enlightenment Thinkers
This philosopher argued that people are born with no built-in knowledge, and have natural rights.
Who is John Locke?
The right to own land and materials for personal use, protected by law
What is private property?
This 1694 institution helped stabilize currency and provide loans
What is the Bank of England?
The financial gain left after subtracting costs from earnings
What is profit?
The movement of people from rural areas into towns and cities
What is urbanization?
The Enlightenment emphasized that people are born with these, and that a government must protect them or risk being reformed.
What are natural rights?
Beginning in England, farmers started fending off shared fields into individually owned plots
What is the enclosure movement?
A system where multiple investors pool money for voyages and share profits and losses
What is a joint stock company?
An internal or external reason that encourages someone to act
What is an incentive?
The philosophical era that emphasized individual rights, reason, and limitations on rulers
What is the Enlightenment?
This idea said governments only keep power if people allow them to.
What is consent of the governed?
Enclosure displaced many of these rural workers, forcing them to cities for jobs
Who are peasants?
A business recognized as a separate legal person, protecting investors from personal loss
What is a corporation?
The process of running something mainly for financial benefit
What is commercialization?
In medieval Europe, these groups regulated crafts, set standards, and protected their members
What are craft guilds?
Locke's ideas influenced the creation of this type of foundational government document.
What is a constitution?
Enclosure helped create this new wealthy non-noble class that innovated in farming
Who are the gentry or middle class?
These wealthy individuals fund risky new business in exchange for ownership stakes
Who are venture capitalists?
A gradual shift where families produced goods at home before factory industrialization
What is proto-industrialization?
Taxes or fees placed on imported goods to protect domestic industries
What are tariffs?
Locke's idea that people were born with their minds being empty canvases filled by experience and sensory input
What is "blank slate" theory?
Increased food production during enclosure and commercialization helped lay the groundowrk for this major transformation
What is the Industrial Revolution?
One famous joint stock company, chartered in 1600, dominated trade in Asia
What is the British East India Company?
A measure of legal responsibility, especially when it comes to debts or damages
What is liability?
This economic system is guided by supply and demand, where prices and production are determined by voluntary exchange
What is a market economy?