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Industrial Rev

SHS MWH Unit 6

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.
Abolition process of ending the institution of slavery.
Emancipation Proclamation a declaration issued by US President Abraham Lincoln in 1863, stating that all slaves in the Confederate states were free.
factors of production land, labor, capital
selective breeding technique developed during the Agricultural Revolution. Farmers would only allow animals with the most desirable traits to breed. This led to better quality meat and dairy products.
Urbanization Movement of population to the cities – commoners and poorer farmers moved to seek work in new industrial towns.
textiles cloth
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.
Flying Shuttle an attachment to a simple hand loom which knocked the shuttle (carrying thread) flying across the loom. Sped up weaving and allowed broad cloth to be made by one weaver.
Spinning Jenny a development of the hand spinning wheel which allowed eight (later 120) threads to be spun at once. It sped up spinning but the thread was rather weak.
Water Frame the first factory machine (1771), powered by water. It spun a strong but rather thick thread.
Crompton’s Mule the first steam powered machine (1785). It spun a fine, strong thread.
Cartwright’s power loom a steam powered loom that they had said was impossible. It began to be common in factories c1830 when the domestic system finally died out.
Factories buildings that housed the new machines of industry
James Watt invented the steam engine.
benefits of steam engines more efficient source of power, allowed factories to bebuilt away from the river
railroads Connected factories, quicker transportation of goods and people, changes society and industry
first country to industrialize England
Samuel Slater brought factory plans to the United States and helped start first US factories
13th Amendment Abolishes slavery, and involuntary servitude, except as punishment for a crime.
14th Amendment Defines citizenship, contains the Privileges or Immunities Clause, the Due Process Clause, the Equal Protection Clause, and deals with post-Civil War issues.
15th Amendment Prohibits the denial of the right to vote based on race, color, or previous condition of servitude.
Suffrage the right to vote
Reform Act of 1832 gave most British men the right to vote
Serfs lowest class of feudal system, owned by nobles, bound to the land
Boyars Russian nobles
Czar Alexander II freed Russian serfs after the Crimean War
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.
Monopoly when one person or group owns all aspects of a product and has little to no competition
Vertical monopoly a monopoly where the complete production of a good is owned by one company from start to finish (supplies to make the good, transportation, production, sale)
Horizontal monopoly when one company controls all of part of the production or sale of a good (owns all the trucks for transportation for example)
Andrew Carnegie controlled steel industry
Francis Cabot Lowell built first factory system in the US
JP Morgan banking tycoon
John D. Rockefeller controlled oil industry
Created by: AGilstrap47



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