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Industrial Revolutio
| Question | Answer |
|---|---|
| Industrial Capitalism | owners continually expanding factories or investing in new business |
| Business was a certain size before the age of Capitalism and individuals owned the business...what happened? | Business grew really big |
| Bourgeoisie | -Haves 1. Upper class 2. Old Middle Class 3. New Middle Class |
| Proletariats | =Have nots Lower/Working Class |
| Upper Class | Entrepreneurs (start businesses) Capitalists (businessmen) Noble/Royal families who kept feudal wealth |
| Old Middle Class | Bankers, lawyers, doctors, merchants |
| New Middle Class | Owners of factories, mines, railroads (small businesses) Clerks, managers, teachers |
| Lower/Working Class | Factory workers, farmers, public workers |
| What was life like for the proletariats? | Little pay/long working hours Most lived in dirty, crowded cities Worked in noisy, dirty areas like factories, mills, farms, streets |
| Who made money off of who during the Industrial Revolution? | The Bourgeoisie made money off the proletariats |
| What did reformers/workers want? | Government to regulate working conditions and distribute wealth equally |
| What did factory owners want? | They should be able to buy and sell, hire and fire without gov't interference (free trade). They felt gov't interference would threaten growth |
| Laissez-faire capitalism | French term means "Let do" or slang "Let them alone" |
| How should the government act during laissez-faire capitalism? | Government should NOT interfere with industry and leave business alone to do whatever |
| Who was Adam Smith? | Father of Economics, wrote The Wealth of Nations, he likes free trade |
| What is supply and demand? | Businesses produce what people want to buy (supply) and people buy what they need (demand) |
| Under laissez-faire, what do businesses do? | they compete to produce goods as cheaply as possible. People buy the goods at the lowest prices. The better the producer of goods, the more profit they make, they hire more workers and continue to grow the business. competition is GOOD !!!! |
| What happens to the economy and society when businesses compete? | It keeps the economy and society in balance. |
| Why did government become involved in business? | Poor working conditions were made public so the gov't steps in |
| What laws were passed to help poor working conditions? | Laws passed to limit hours for women and children, and to regulate safety inside the factories |
| Who was Jeremy Bentham? | Theory of Utilitarianism |
| What is the theory of Utilitarianism? | If society doesn't provide the greatest happiness for the greatest number of people, then changes must be made by the government |
| Who is John Stuart-Mill? | He rejected laissez-faire. 1. wanted gov't influence on the distribution of wealth by taxing income 2. laws against monopolies 3.Laws to protect workers in factories |
| Who was Thomas Malthus? | wrote that because the world's population was increasing FASTER than the food supply; poverty, famine and miserable living conditions were unavoidable in the world |
| Who is David Ricardo? | said that economies are governed by an IRON LAW OF WAGES. said that rapid population growth leads to fiercer competition for jobs, lower wages and higher unemployment rates |
| What is Socialism? | a society in which the workers or the gov't owns, manages, and controls production or industry |
| What is utopia? | a perfect world. Early socialists wanted to create this type of society where everyone would share the abundance (food, shelter, $) equally |
| Who is Robert Owen? | created a utopian society based on sharing |
| What happened in New Lanark, Scotland? | Robert Owen owned the mill, housing, and food and distributed it equally to his workers |
| What happened in New Harmony, Indiana? | Robert Owen created a similar socialist town like New Lanark, Scotland |
| Why did both New Lanark, Scotland and New Harmony, Indiana fail? | government is not perfect: selfish, corrupt People stop working to their full potential and do the least work possible since everyone gets paid the same no matter how hard the work |
| Who was Karl Marx? | the father of communism. He devoted his life to writing about economics and the working class. |
| What is Marxism?: | All parts of societies' culture are developed based on the country's economic base. He hated the bourgeousie. Wanted revolution by the proletariats. The Haves vs the Have Nots |
| What are Europe's 4 stages of economic life according to Marx? | 1. Primitive stage 2. Slave Stage 3. Feudalism 4. Capitalism |
| What is the Primitive Stage in Europe's 4 stages of economic life according to Marx? | Stage 1. Early man who were hunters and gatherers. They only killed what they needed to live |
| What is the Slave Stage in Europe's 4 stages of economic life according to Marx? | Stage 2. Master vs. slave Tools were produced that allowed work to go by faster which created a surplus of food. But some people (slaves) did a lot of work and some didn't do any (master) |
| What is Feudalism in Europe's 4 stages of economic life according to Marx? | Stage 3. Lord vs Serf (slave) Noble vs Peasant |
| What is capitalism in Europe's 4 stages of economic life according to Marx? | Stage 4. Bourgeoisie vs proletariat Owners vs workers (workers weren't slaves but they weren't paid enough to get out of their situation) |
| Marx believed what was only a temporary stage? | Capitalism |
| Why did Marx feel that capitalism was only a temporary stage? | A crisis would start in an industrial country and the workers would seize control from the middle and upper class |
| What would be created when workers seized control according to Marx? | Workers would create Communism in which there would 1. be no private property 2.no classes within society and 3. gov't would wither away |
| What is Karl Marx's theory in the Communist Manifesto? | The governing principle of "From each according to his ability, to each according to his need." Think Robin Hood. Take from the rich and give to the poor. |
| In 1848, what did Karl Marx and Friedrich Engles publish? | The book "The Communist Manifesto" |
| What did Karl Marx and Friedrich Engles write in 1867? | "Das Kapital" |
| What is the basic message of the communist manifesto? | Let the ruling classes tremble at a communist revolution. The proletariat (working class) have nothing to lose but their chains. They have a world to win. Workers of the world, UNITE! |
| Marx's book influenced revolutions in what countries? | France and Austria in 1848 Russia in 1917 Mexico 1913 and Cuba 1959 |
| By 1900, conditions for workers have gotten better around the world. Why? | -workers can buy more with their wages -workers have right to vote and used it to get better laws passed -workers saw that reform would allow them to share the wealth of society -Labor unions improved working conditions |
| By 1933, Western Europe and the United States are practicing what type of government? | democratic socialism which means that there is SOME government control of certain industries. Examples: The New Deal, the recent Bail Out, Amtrak |
| Hitler's Nazi Party and Mussolini's Fascist Party in the 1930s/1940s had what type of government? | a mixture of socialism and communism (government control of industry) They were dictatorships! |
Created by:
MaryBro
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