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Defended economic freedom(capitalism). Wrote "The Wealth of the Nations". Created three natural laws of economics:
self-interest- ppl work for their own good
competition- competition forces ppl to make better production
supply+demand- enough goods would be produced at the lowest possible price to meet market econ |
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| abstaining from using, buying, or dealing with something |
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| economic system in which factors of production are privately owned (profit driven). |
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steam engine= steam boats (Watt)
railroad = more imports/exports (McAdams) |
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| negotiations between organized workers and their employers |
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| A form of complete socialism in which means of production would be owned by the people |
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| Book supporting communism written by Karl Marx and |
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| A business owned by stockholders who share in its profits |
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| planting different crops on different years to recycle soil nutrients |
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| British economist who supported Adam Smith's economic theories of capitalism. His ideas were the foundation of laissez-faire capitalism. |
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Enclosure Movement
2 results? |
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Wealthy landowners bought land from village farmers and experimented with more productive seeding and harvesting methods to boost crop yields.
1. new agricultural methods
2. forced small farmers to become tenant farmers or move to the cities. |
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| England first to industrialize. why? |
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-large population
-lots of natural resources:
-water power and coal to fuel machines
-iron ore to construct machines, tools, buildings
-rivers for inland transportation
-harbors from which merchant ships set sail
-good economic system(loans)
-political stability |
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| a person who organizes, manages, and takes on the risks of a business. |
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| The resources needed to produce goods. i.e. land, labor, capital. |
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| large buildings with machines to produce certain goods |
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| wrote communist manifesto with Marx |
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| the process of developing machine production of goods |
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| Industrialization in Belgium |
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| Had rich deposits of iron and coal. Also had fine waterways which allowed for easy trade. |
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| Industrialization in Germany |
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| Economic Isolation and scattered resources disallowed countrywide industrialization. Had coal rich places (Ruhr Valley) prospered. Imported British Workers |
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| Industrialization in Italy |
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| specialized in silk spinning |
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| Industrialization in France |
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Definition
| It was measured and controlled because they had a strong agricultural economy. |
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| Industrialization in Austria-Hungary |
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Definition
| Too many mountains led to inability of railroad= no industrialization. |
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| Industrialization in Japan |
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Definition
| Government supported the development of industries and imperialism. Companies such as Mitsubishi still exist. |
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| Industrialization in Spain |
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Definition
| Lacked good roads and waterways for canals = no industrialization. |
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| modified ideas of Adam Smith to create utilitarianism. Believed people should judge ideas, etc. based on their usefulness. (1700s) |
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| Led the utilitarian movement in 1800s. Questioned unregulated capitalism. |
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| wrote communist manifesto and supported communism. Argued human classes were always divided into warring classes i.e. middle class "haves" = employers= bourgeoisie vs. workers "have nots" = proletariat. |
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| econ policy of letting owners of industry and business set working conditions without interferences (gov't). |
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Upper middle class = gov't employees, doctors, lawyers, and mangers of factories, mines, and shops.
Lower middle class= factory overseers and skilled workers such as toolmakers, mechanical drafters, and printers.
(All enjoyed comfortable standard of living). |
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| Negative effects of Industrialization |
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| Rapid growth = unplanned growth which made it an unhealthy place for the poor. Also caused child labor and bad working conditions. |
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1.increased production
2. better product quality
3. more jobs |
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| The representation in art or literature of objects, actions, or social conditions as they actually are, without idealization or presentation in abstract form. |
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| arts and literature with emphasis on the individual's expression of emotion and imagination, departure from the attitudes and forms of classicism, and rebellion against established social rules and conventions. |
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| A political theory advocating the use of democratic means to achieve a gradual transition from capitalism to socialism. |
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| Factors of production are owned by the public and operate for the welfare of all. |
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| made thread faster and with better quality (Crompton). |
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| certain rights of ownership |
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| refusing to work/rebel for a cause |
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| methods of creating economic growth which protect the environment, relieve poverty, and do not destroy natural capital in the short term at the expense of long term development. |
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| argued that population tended to increase more rapidly than the food supply and that without wars and epidemics to kill off the extra people, most were destined to be por and miserable. |
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| voluntary labor associations |
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| city building and the movement of people to cities. |
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| idealistic and impractical social theory. |
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| War of 1812's effects on industrialization |
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| liberated American economy from British rule and allowed them to produced their own goods. |
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