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WORLD HIST UNIT 7

The Industrial Revolution and Imperialism

TermDefinition
Industrialization the development of manufacturing for the machine production of goods
Urbanization the growth of cities and the migration of people into them
Adam Smith Father of Capitalism, professor at university of Glasgow, defended the idea of a free economy
Karl Marx Father of Communism, German journalist who introduced the world to a radical type of socialism
Communism Economic system in which the factors of production are controlled by the government
Capitalism Economic system in which the factors of production are controlled by private individuals
Imperialism a policy in which a strong nation seeks to dominate other countries politically, economically, and socially
Otto von Bismarck Responsible for transforming a collection of small German states into the German empire, and was its first chancellor
Enclosure Movement push to take public shared land and change it to privately owned land, usually with walls, fences or hedges around it
Factors of Production the resources that are needed to produce good and services, including land, labor, capital, etc.
Vulcanism Process of treating rubber through heat to make it more useful
Union voluntary group of workers unified together
Laissez Fairre the idea the government should not interfere with or regulate industries and businesses
Interchangeable Parts identical components in equipment that can be substituted one for another, particularly important in manufacturing
Monopoly the exclusive possession or control of the supply of or trade in a commodity or service
Depression a dramatic downturn in economic activity in conjunction with a sharp fall in growth, employment, and production
Created by: ddenson80
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