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Chapter 25
The Industrial Revolution
| Term | Definition |
|---|---|
| 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 |
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