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Industrial Rev.

Quiz 2

QuestionAnswer
What are some differences between the middle and working class during the Industrial Revolution? Middle class was educated, had decent jobs, and lived in nicer city areas. Working class was uneducated, worked in factories/mines, lived in slums, and protested for better conditions.
Why did industrialization spread to different countries at different rates? Political stability, access to resources, economic strength, and government involvement varied among countries.
Why did industrialization in France happen slowly? Political/economic instability from the French Revolution and a poor coal supply slowed progress.
What slowed industrialization in Germany? Germany was divided into many states with separate governments until unification in 1871.
Why did industrialization grow in the U.S.? Natural resources (coal, oil, iron), railroad expansion, and being forced to produce goods after the War of 1812.
What is capitalism? An economic system where businesses are privately owned and the goal is to make personal profit.
What is the main goal of capitalism? Personal profit and individual economic freedom.
What are the pros of capitalism? Efficiency, personal freedom, and innovation.
What are the cons of capitalism? Wealth inequality, monopoly power, and overconsumption.
What is socialism? An economic system where businesses and production are publicly owned and wealth is shared for the good of all.
What is the goal of socialism? Reduce the wealth gap and provide equality and basic needs for everyone.
Why was socialism created? As a response to the harsh conditions and inequality caused by industrial capitalism.
What are pros of socialism? Access to basic needs, smaller wealth gap, equality of opportunity, some private ownership allowed
What are cons of socialism? Heavy government control, potential corruption, little incentive to innovate, depends on cooperation.
Who came up with "laissez-faire," what does it mean? Adam Smith; means the government should keep its "hands off" business and allow a free market.
Who were the bourgeoisie? The wealthy owners of factories and businesses.
Who were the proletariat? The working-class laborers who worked in factories and mines.
What are the main components of communism? All property is publicly owned, no social classes, and wealth is distributed by need.
What are three reason communism might fail? Lack of rights, no incentives / innovation, harsh or selfish rulers (dictators)
What is a labor union? An organized group of workers that protects their rights and negotiates for better conditions and pay.
Why are labor unions important? They speak for workers, push for safer conditions, fair play, and can strike to create change
Created by: user-1935535
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