Term
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Definition
| Letting the owners of a business set working conditions without interference from the government. |
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Term
| Where did the idea of laissez-faire originally come from and who built upon it? |
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Definition
| The enlightenment; Adam Smith |
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Term
| What did Adam Smith believe? |
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Definition
| That government regulations, like taxes, interfered with the production of wealth |
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Term
| Who took Adam Smith's idea of laissez-faire further? |
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Definition
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Term
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Definition
| A system in which money is invested in business ventures with the goal of making a profit |
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Term
| Who is Malthus Further and what did he argue? |
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Definition
| That population tended to increase more than food supply leading to a group of poor people remaining poor. |
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Term
| Who is Ricardo Further and what did he believe? |
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Definition
| Ricardo Further believed that there would always be a permanent underclass of poor people |
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Term
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Definition
| Utilitarianism said that people should judge businesses, workers, and actions by their utility (usefulness) |
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Term
| Who wrote the book on the wealth of nations? |
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Definition
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Term
| What did Jeremy Bentham think? |
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Definition
| He thought that the goal of government was to do what is best for the greatest number of people |
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Term
| Who wanted reforms to the legal system and schools? |
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Definition
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Term
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Definition
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Term
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Definition
| a factory owner who was shocked by the horrible conditions for the workers |
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Term
| What did Robert Owen own? |
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Definition
| A textile mill in Scotland |
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Term
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Definition
| When the factors of production are owned by the public and operate for the welfare of all |
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Term
| What significant quote did Karl Marx say? |
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Definition
| "Religion is the opiate of the masses" |
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Term
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Definition
| A form of complete socialism in which all means of production |
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Term
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Definition
| People that had everything they needed and held down the proletariat |
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Term
| Who are the proletariats? |
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Definition
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Term
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Definition
| A voluntary trade associates joined to make reforms |
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Term
| What did the Enclosure Acts result in? |
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Definition
| Commoner farmers moving to cities and becoming labor for factories |
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Term
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Definition
| An inefficient fuel source |
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Term
| What is the first side of the Colombian Exchange Triangle |
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Definition
| Manufactured goods, rum and textiles from England to Africa |
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Term
| What is it when a country must purchase from a certain supplier |
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Definition
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Term
| What does "sapere aude" mean? |
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Definition
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Term
| Who invented the water frame in what year? |
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Definition
| Richard Arkwright in 1769 |
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Term
| Who invented the first efficient steam engine? |
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Definition
Matthew Boulton and
James Watt
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