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Industrail Revolution
Term | Definition |
---|---|
Industrialization | The process of developing machine made products |
Entrepreneur | A person who organizes, manages, and takes on the risk of business |
Middle Class | A social class made up of skilled workers, professionals, business-people, and wealthy farmers |
Urbanization | City building and the movement of people to the cities |
Stock | Rights of ownership that entrepreneurs sold to raise money |
Corporation | A business owned by stockholders who share in its profits but are not personally responsible for its debts |
Capitalism | An economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit |
Utilitarianism | The idea that people should judge ideas, institutions, and actions on the basis of their utility, or usefulness. Government should promote the greatest good for the greatest number of people |
Socialism | The factor of production are owned by the public and operate for the welfare of all |
Communism | A form of complete socialism in which the people own the means of the production and no private property would exist. All goods and services are shared |
Union | Labor associations that worked together to press for reforms |
Strike | A tactic used by unions when factory workers refuse to meet Union demands |
Suffrage | The right to vote |
Chartist Movement | A popular movement in England the involved workers pressing for more rights and representation |
Bourgeoisie | Enterprising landowners and business class merchants |
Proletariat | Workers of various skilled and unskilled types |
Laissez-faire | The concept of "letting people do as they please" with little interference from the government |
Class Struggle | The concept that Marx describes as people never attaining the wealth needed to move between the classes |
Enclosure | The practice of buying up the land of small village farmers and enclosing their land with fences and hedges to make larger fields. Landowners would then use more productive seeding and harvesting methods |
Crop Rotation | Moving different types of crops to new fields every season to improve output |