Smith, Adam
(1723-1790) British philosopher, writer, and economist. His book, The Wealth of Nations, describes his theory on free trade, otherwise known as laissez-faire economics.
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Economics System
slavery
A system of forced labor.
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slave trade
The buying and selling of people for the purposes of slavery.
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slave
A person forced to work for another with no payment or freedom to seek work elsewhere. A slave can be bought and sold.
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Silk Road
Trade route from China to the Middle East. Called the Silk Road due to Chinaﾒs most important export.
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serfs
Farmers who were tied to the land during European feudalism. They were not slaves because they could not be bought or sold, but they could not readily leave the manor either. Serfs were given land to farm in exchange for service to their lord. This service usually involved working the lord's fields, maintaining roads and the manor, and providing military service in times of war. Serfs paid taxes to their lord in the form of crops. This is also how the paid the fee to use the manor's mill or other services.
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sanitation
Services including the collection and disposal of sewage and garbage.
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rigid social class system
A social class system where there is no mobility. A person remains in the same class their entire life.
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revolution
a dramatic change in ideas, practice, or government.
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republic
A political system in which a country is ruled by law, has representative government, and is democratic in nature.
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