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IndustrialRev II

Terms for Industrial Revolution

Interchangeable Parts Identical machine-made parts that can be substituted for each other in manufacturing
Assembly Line A mass-production process in which a product is moved forward through many workstations where workers perform specific tasks Laissez-faire
Adam Smith Scottish economist; he became the leading advocate of laissez faire economics and is considered by some to be the “father of modern economics,” He wrote the first true text on economics, The Wealth of Nations, in 1776
Thomas Malthus English economist and sociologist; his theory that population growth would exceed the growth of food production and that poverty would always exist was used to justify low wages and laws restricting charity to the poor
Entrepreneur A risk taker who starts a new business within the economic system of capitalism
Andrew Carnegie American industrialist and humanitarian; he led the expansion of the US steel industry in the late 1800s and early 1900s
Socialism A political and economic system in which society, usually in the form of the government, owns the means of production
Karl Marx German social philosopher and chief theorist of modern socialism and communism; he declared that as capitalism grew, more and more workers would become impoverished and miserable, He advocated for a state in which the workers
Communism Economic and political system in which government owns the means of production and controls economic planning
Standard of Living A measure of the quality of life
Created by: NavyBoatDriver



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