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WORLD HIST UNIT 7
The Industrial Revolution and Imperialism
Term | Definition |
---|---|
Industrialization | the development of manufacturing for the machine production of goods |
Urbanization | the growth of cities and the migration of people into them |
Adam Smith | Father of Capitalism, professor at university of Glasgow, defended the idea of a free economy |
Karl Marx | Father of Communism, German journalist who introduced the world to a radical type of socialism |
Communism | Economic system in which the factors of production are controlled by the government |
Capitalism | Economic system in which the factors of production are controlled by private individuals |
Imperialism | a policy in which a strong nation seeks to dominate other countries politically, economically, and socially |
Otto von Bismarck | Responsible for transforming a collection of small German states into the German empire, and was its first chancellor |
Enclosure Movement | push to take public shared land and change it to privately owned land, usually with walls, fences or hedges around it |
Factors of Production | the resources that are needed to produce good and services, including land, labor, capital, etc. |
Vulcanism | Process of treating rubber through heat to make it more useful |
Union | voluntary group of workers unified together |
Laissez Fairre | the idea the government should not interfere with or regulate industries and businesses |
Interchangeable Parts | identical components in equipment that can be substituted one for another, particularly important in manufacturing |
Monopoly | the exclusive possession or control of the supply of or trade in a commodity or service |
Depression | a dramatic downturn in economic activity in conjunction with a sharp fall in growth, employment, and production |