People
Scottish economist who wrote the Wealth of Nations a precursor to modern Capitalism
Adam Smith
A method of production that brought many workers and machines together into one building
Factory System
An economic system based on private ownership of capital
Capitalism
A series of improvements in industrial technology that transformed the process of manufacturing goods
Industrial Revolution
introducing a new product into the market
Commercialization
A social class broadly composed of people working in blue collar, or manual, occupations
Working Class
the replacement of human labor with technology or machines
Mechanization
Idea that government should play as small a role as possible in economic affairs
Laissez-faire
railroad that started in Omaha, Nebraska and it connected with the Central Pacific Railroad in Promentary Point, Utah hired Chinese immigrants
Union Pacific Railroad
The process of consolidating small landholdings into a smaller number of larger farms in England during the eighteenth century
Enclosure Movement
A social class made up of skilled workers, professionals, business people, and wealthy farmers
Middle Class
The first industry to be industrialized in the 18th century
Textiles
Countries who rely on one product as their main source of income
Single Export Economies
Constructed in 1870 s to connect European Russia with the Pacific completed by the end of the 1880 s brought Russia into a more active Asian role
Trans-Siberian Railroad
A ship canal in northeastern Egypt linking the Red Sea with the Mediterranean Sea
Suez Canal
a prominent bank established and based in Hong Kong since 1865 when Hong Kong was a colony of the British Empire
Hong Kong and Shanghai Banking Corporation
powered by water turned out yarn much faster than cottage spinning wheels, led to development of mechanized looms
Water Frames
Independent but less developed nations controlled by private business interests rather than by other governments
Economic Imperialism
This was the consolidation of many small farms into one large farm, which created a labor force as many people lost their homes
Enclosure Movement
A policy of extending a country's power and influence through diplomacy or military force
Imperialism
An American inventor best known for inventing the cotton gin. This was one of the key inventions of the Industrial Revolution and shaped the economy of the Antebellum South
Eli Whitney
A machine that turns the energy released by burning fuel into motion
Steam Engine
U S corporation that controlled the banana trade in much of Latin America
United Fruit Company
Steel, chemicals, electricity This is the name for the new wave of more heavy industrialization starting around the 1860 s
Second Industrial Revolution
A canal between the New York cities of Albany and Buffalo, completed in 1825
Erie Canal