Capitalism Vocabulary
Capital
Money, Power, Resources
Karl Marx
German Philosopher who came up with Communism
The Industrial Revolution started here
England/Britain/United Kingdom
Many of the poorest families had to do this horrible practice within their families to survive, that was banned after decades of opposition
Child Labor
What is the Industrial Revolution?
Moving from making things by hand to using machines.
Laissez Faire
government is hands off with the economy
Bourgeoisie
Wealthy Factory Owners
This resources mined from the ground gave energy to the Industrial Revolution
Coal
Middle Class women who had their lives improved fought for this right.
The right to vote or Suffrage
What is a negative of Communism?
Little incentive to work harder or create new technology, government in control of everything
Capitalism
An economic system where factories are owned by companies for profit
Proletariat
The Workers
After this other revolution many farmers lost their jobs and moved to cities for work
Agricultural Revolution
In order to get a better life all this reform made all children under 16 be bored because of...
mandatory public education
What is a negative of Capitalism?
Rich exploit the working class, little government regulations to stop the rich from causing harm for profit
Adam Smith wrote this book
Wealth of Nations
An economic system where workers own the factories together
This technology allowed factories to be built away from rivers by heating up water for energy
Steam Engine
The rapid urbanization led to this disease spreading in drinking water of cities until sanitation improved
Cholera
What is a benefit of Capitalism?
Competition leads to new innovations (tech), greater profits.
Social Darwinism
People and Countries must compete and the fittest will survive
Communism
An economic system without class where power and wealth are shared, everything is owned as a community.
The country that started the Industrial Revolution had a lot of stuff domestically, but needed these around the world to bring resources to factories
Colonies
This movement of the Proletariat coming together is close to Marx's vision
Unions fighting for workers rights
What is a benefit of Communism?
Equality for all, ability to work on what you are passionate about.