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Chapter 9 – The Industrial Revolution

Industrial Revolution
the greatly increased output of machine-made goods that began in England in the middle 1700s
enclosures
area within a larger field where a landowner experimented with more productive seeding and harvesting methods to boost crop yields; this had two important results 1)landowners tried new agricultural methods 2) large landowners forced small farmers to become tenant farmers or to give up farming and move to the cities
crop rotation
one of the best developments of scientific farmers, the system of growing a different crop in a field each year to preserve the fertility of the land
Industrialization
the development of industries for the machine prodution of goods
factors of production
the resources needed to produce goods and services that the Industrial Revolution required; they included land, labor and capital
entrepreneur
a person who organizes, manages, and takes on the risks of a business
urbanization
city building and the movement of people to cities
middle class
a social class made up of skilled workers, professionals, business people and wealthy farmers
stock
shares of a business; rights of ownership
corporation
a business owned by stockholders who share in its profits but are not personally responsible for its debts
Adam Smith
professor of the University of Glasglow who defended the idea of a free economy in his 1776 book the Wealth of Nations; he says that economic liberty guaranteed economic progress, meaning government should not interfere with business
capitalism
an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit; these ideas also helped to bring about the Industrial Revolution
utilitarianism
idea that people should judge ideas institutions, and actions on the basis of their utility, or usefullness
Socialism
economic system in which the factors of production are owned by the public and operate for the welfare of all
Karl Marx
introduced the world to a radical type of socialism, entitled Marxism;argued that human societies have always been divided into warring classes, the rich and the poor. According to Marxism, the workers (poor) would overthrow the owners (rich), then sieze control of production and produce what society needed, bringing about economic equality and eventually a classless society
communism
a form of complete socialism, in which all the means of production would be owned by the people, private property would cease to exist and all goods and services would be shared equally
unions
a voluntary labor associations which workers used to press for reforms
strike
refuse to work

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