World History II Industrial Revolution Vocabulary

World History II Industrial Revolution Vocabulary

industrial revolution
the shift, beginning in England during the 18th century, from making goods by hand to making them by machine
crop rotation
the system of growing a different crop in a field each year to preserve the fertility of the land
industrialization
the development of industries for the machine production of goods.
factors of production
resources of land, labor, capital, and entrepreneurship used to produce goods and services
textiles
fabric or cloth used for clothes and other products
factories
a large building in which machinery is used to manufacture goods
entrepreneur
a person who organizes, manages, and takes on the risks of a business
urbanization
the growth of cities and the migration of people into them
Middle class
A social class made up of skilled workers, professionals, business people, and wealthy farmers.
stock
rights of ownership in a corporation
corporation
a business owned by stockholders who share in its profits but are not personally responsible for its debts
laissez faire
the idea that government should not interere with or regulate industries and businesses
Adam Smith
a professor at the University of Glasgow, he wrote The Wealth of Nation, which defended the idea of a free economy
Capitalism
an economic system based on private ownership and on the investment of money in business ventures in order to make a profit
utilitarianism
the theory that government actions are useful only if they promote the greatest good for the greatest number of people
socialism
an economic system in which the factors of production are owned by the public and operate for the welfare of all.
Karl Marx
co-wrote The Communist Manifesto with Freidrich Engels, which outlined a radical form of socialism called Marxism
Freidrich Engels
co-wrote The Communist Manifesto with Karl Marz, which outlined a radical form of socialism called Marxism
Communism
an economic system i which all the means of production- land, mines, factories, railroads, and businesses- are owned by the people, private property does not exist, and all goods are shared equally
unions
An association of workers, formed to bargain for better working conditions and higher wages.
strike
to refuse to work in order to force an employer to meet certain demands
Andrew Carnegie
a multimillionaire American industrialist and philanthropist who founded the American Steel Company