Modern World History-Chapter 9

a professor at the University of Glasgow, Scotland, defended the idea of a free economy, or free markets

an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit

a form of complete socialism in which the means of production—all land, mines, factories, railroads, and businesses—would be owned by the people

a business owned by stockholders who share in its profits but are not personally responsible for its debts

a farmer might plant a field seed, which exhausted soil nutrients. The next year they plant another crop to restore nutrients

large land fields enclosed by fences or hedges

a person who organizes, manages, and takes on the risks of a business

- the resources needed to produce goods and services that the Industrial Revolution required

the greatly increased output of machine-made goods that began in England in the middle 1700s

the process of developing machine production of goods, required such resources

a German journalist that argued that human societies have always been divided into warring classes

the economic policy of letting owners of industry and business set working conditions without interference

a social class made up of skilled workers, professionals, businesspeople, and wealthy farmers

opened the first factory in the United States to house Slater's machines in Pawtucket, Rhode Island

the factors of production are owned by the public and operate for the welfare of all

certain rights of ownership

refusing to work

workers joined together in voluntary labor associations to press for reforms

city building and the movement of people to cities

theory, people should judge ideas, institutions, and actions on the basis of their utility, or usefulness