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SHS Unit 6

Industrial Revolution

TermDefinition
Capitalism an economic system based on private ownership and on the investment of money in business ventures in order to make a profit.
Socialism an economic system in which the factors of production are owned by the public and operate for the welfare of all.
Communism an economic system in which all means of production- land, mines, factories, railroads, and businesses – are owned by the people, private property does not exist, and all goods and services are shared equally.
Karl Marx father of communism. Wrote the Communist Manifesto.
Adam Smith father of capitalism. Wrote The Wealth of Nations.
Laissez faire the idea that the government should not interfere with or regulate industries and businesses.
Reform Act of 1832 British legislation that opened up voting rights to middle class men.
factors of production land, labor, capital
Urbanization Movement of population to the cities – commoners and poorer farmers moved to seek work in new industrial towns.
cottage industry also called the domestic system. Process of making cloth where each step in cloth making is performed in different households. Used before the Industrial Revolution.
James Watt invented the steam engine.
Samuel Slater brought factory plans to the United States and helped start first US factories
1834 Poor Laws created workhouses for unemployed
1848 Public Health Acts created a Central Board of Health with responsibility over water, sewage, drainage, cleansing, paving and environmental health.
Agricultural Revolution a period of technological improvement and increased crop productivity that occurred during the 18th and early 19th centuries in Europe
Crop Rotation Changing which crop you are growing to ensure the best soil quality year after year.
Seed Drill Invented by Jethro Tull, farmer could set how deep a seed would be planted and the distance between seeds. Led to an increase in food production.
Industrial Revolution the transition to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840.
Capital money used to invest in a business
Entrepreneur A risk taker who starts a new business within the economic system of capitalism. They risk losing money and time they invest, but can be rewarded if their business is successful.
Unions organizations representing workers' rights. Helped improve working conditions in the early part of the Industrial Revolution, but often became corrupt.
Strike A strategy used by unions. Workers refuse to work in order to force an employer to comply with demands.
Anarchism belief in the abolition of all government and the organization of society on a voluntary, cooperative basis without recourse to force or compulsion.
Textile machines New inventions like the Flying Shuttle, Spinning Jenny, Crompton's Mule, and Cartwrights Power Loom made spinning thread and weaving cloth faster, these were housed in factories
Created by: AGilstrap47
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