Industrialization
This legal tool allows an owner of a factory or business to shield themself and their personal wealth from debt or other financial liabilities incurred by their business. It was crucial to get the Industrial Revolution going so that factory owners would not be afraid to start businesses.
What is limited liability corporation?
This Enlightenment philosopher wrote that the "invisible hand" of supply and demand was a better guide to economic activity than governments. His ideas are usually called "laissez-faire capitalism."
Who is Adam Smith?
Socialism
This historical development allowed investors to buy and sell shares of companies, which in turn allowed companies to raise enormous amounts of money from those investors, on the promise of sharing future profits or giving the shareholder a voice in running the company.
What is a stock market?
This variant of capitalism features a laissez-faire approach generally, except in periods of extreme crisis, when government intervention to manage supply and demand is necessary to smooth bumps in the business cycle.
What is Keynesian Economics?
This 19th century reformer led efforts to outlaw the international slave trade in the British Empire.
Who was William Wilberforce?
This historical development from the late 19th century saw factories turn from steam to petroleum and electricity as sources of power, as well as expanding metallurgy, chemistry, communications, and medicine.
What is the Second Industrial Revolution?
This concept refers to the tools, access to raw materials, communications and transportation technology, and all other necessary components for manufacturing. Karl Marx said it was this over which workers in the Industrial Revolution had lost control.
What are factors of production?
These 19th century reformers called for equal rights for women in Europe. They were generally reacting to the Enlightenment and the French Revolution ignoring the question of equality for women.
Who were Mary Wollstonecraft and Olympe de Gouges?
This phenomenon characterized work in factories across the 19th century, where complex tasks were broken up into many smaller steps, which allowed workers with less training and experience match the productive capacity of master craftworkers.
What is Specialization of Labor?
This 19th century thinker and writer was highly critical of industrial capitalism, and suggested that an armed revolution was necessary to seize all economic and political power for the working class.
Who is Karl Marx?
These 19th century reforms called for voting rights for women in the United States, most notably at the 1848 Seneca Falls Convention.
Who are Elizabeth Cady Stanton and Lucretia Mott?
This concept refers to an economy where manufacture of goods destined for markets and consumers in other countries (not the home country) is the primary goal. This economy requires extensive development of transportation and communications technology.
What is Export Economy?
This term was used by Marx to describe the industrial working class, whom he said had lost control over the factors of production and was being oppressed by the bourgeoisie, both economically and politically.
What is proletariat?
This 19th century innovation saw industrial workers banning together to advocate for their needs, whether higher wages, fewer hours, or improved working conditions. These organizations were not always legal but had generally received legal sanction in major industrialized European countries, and the United States, by the end of the 19th century.
What are labor unions?