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Chapter 25

The Industrial Revolution

Industrial Revolution The shift, beginning in England during the 18th century, from making goods by hand to making them by machine
Enclosures One of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formerly worked by village farmers
Crop Rotation 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 production of goods
Factors of Production The resources-including land, labor, and capital- that are needed to produce goods and services
Factory Large buildings in which machinery is used to manufacture goods
Entrepreneur A person who organizes, manages, and takes on the risks of a business
Urbanization The growth of cities and the migration of people into them
Middle Class A social class made up of skilled workers, professionals, business-people, and wealthy farmers
Stock Partial ownership rights of a business
Corporation Business owned by stockholders who share in its profits but are not personally responsible its debts
Laissez faire The idea that government should not interfere with or regulate industries and businesses
Adam Smith Developed the idea of a free economy, or free markets. Wrote "The Wealth of Nations" where he described that economic liberty guaranteed economic progress, and that government should not interfere as a result
Capitalism An economic system based on private ownership and on the investment of money in business ventures in order to make a profit
Utilitarianism The theory, proposed by Jeremy Bentham in the late 1700s, that government actions are useful only if they promote the greatest good for the greatest number of people
Socialism An economic system in which the factors of production are owned by the public and operate for the welfare of all
Karl Marx Introduced Marxism, a radical form of socialism. He believed the working class would eventually overthrow the employers, and gain control of society
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
Union An association of workers, formed to bargain for better working conditions and higher wages
Strike To refuse to work in order to force an employer to meet certain demands
Created by: tj03tayl