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| 3837944765 | Adam Smith | Def: "Wealth of Nations"; 18th c. Scottish "Father of Economics"; Believed in an "invisible hand" of supply and demand that will automatically change the economy without government intervention; Supports the factory system and industrialization of labor Sig: By writing his "Wealth of Nations" it started and kind of had the outlines to the idea of capitalism that we saw in America | 0 | |
| 3837944766 | Assembly Line | Def: a series of workers and machines in a factory by which a succession of identical items is progressively assembled. Division of Labor: Rather than using skilled workers, factories employ unskilled laborers to conduct single tasks to build the final product Sig: Made many jobs for unskilled people so they could support themselves financially and also increased amount of products that were being produced. | 1 | |
| 3837946274 | Canals | Def: Canals (man-made channels that either share river basins without rapids because of lock systems, or across areas without river access)—used to transport goods, but cannot support early factories because of lack of rapid water movement Sig: boats where able to travel anywhere in canals and that improved trade routes so more goods were available faster. | 2 | |
| 3837946275 | Capitalism | Def: An economic system with origins in early modern Europe in which private parties make their goods and services available on a free market; believed in an "invisible hand" of supply and demand that will automatically change the economy without government intervention; Supports the factory system and industrialization of labor Sig: Created newer social classes and they had the possibility to move up or down based on individual success. | 3 | |
| 3837946276 | Communism | Def: Philosophy and movement that began in middle of the 19th century with the work of Karl Marx; it has the same general goals of socialism, but it includes the belief that violent revolution is necessary to destroy the bourgeoisie world and institute a new world run by and for the proletariat; Bourgeoisie: the owners—the "haves"; Proletariat: the workers—the "have-nots" Sig: Gave many ideas that everyone should be equal and caused some people to be unhappy with the work force. | 4 | |
| 3837947965 | Communist Manifesto | Def: Leader: Karl Marx Wrote "The Communist Manifesto"; Belief all society and history into classes of "Haves" and "Have-Nots" (In the Industrial World: Owners v. Workers); "The history of all hitherto existing society is the history of class struggle."; Viewedupper classes and gov't in hands of capitalists; Viewed socialists as looking small scale at communities but not at larger world issues or problem Sig: Outlined the belief of communism and basically stated their views and beliefs and was a major impact on the work force because a lot of people started to notice communism. | 5 | |
| 3837947966 | Consumerism | Def: the protection or promotion of the interests of consumers. Relates to the creation of products and new goods based on the wants and desires of the supply and demand of the population—acts as a basis for capitalist philosophy with the emphasis on the individual desires not the imposition by the state Sig: factories and companies started making their products due to what the buyer wants so that way the company can make more money, which led to consumerism today. | 6 | |
| 3837947967 | Cotton | Def: a soft white fibrous substance that surrounds the seeds of a tropical and subtropical plant and is used as textile fiber and thread for sewing. Forms the basis of textile industry making production of cloth cheaper and easier, leads to reduction in cotton handmade production of cloth in India and elsewhere with rise of machines Sig: Cotton was bought and sold and was a huge cash crop that lead to more income for people and the money got cycled into the economy and then improved overall wealth. | 7 | |
| 3837947968 | Enclosure Movement | Def: Privatization of common lands in villages throughout Britain; Common land was previously used by many farmers to supplement income from small plots of land—Enclosure Acts push those who cannot afford to purchase land into renting or selling and subsequently moving into the cities, and consolidation of land into large estates Sig: caused more and more people to move into the cities which increased population and increased the need of a sanitation system and more money. | 8 | |
| 3837949493 | Factory System | Def: Rising demands led to creation of buildings that house all aspects of production where workers perform specialized tasks under one roof; Results in creation of larger machines that are more productive and need fewer workers; Wage System—payment based on hours of work performed rather than on product made; Concentration of Labor: Large labor forces increase in factory district and cities leading to issues of population growth and urbanization in cities; Working Conditions: Workers who are skilled are obsolete—leads to unemployment of skilled laborers; Work for 12-14 hours a day; Production requirements lead to little free time, pressure to complete products; Women and Children work in factories as cost less for labor and able to work in smaller spaces Sig: Provided much more product production and later started the push for women's and children's rights so they did not have to work in smaller, dangerous spaces and make less than a man does. | 9 | |
| 3837950957 | Fossil Fuels | Def: a natural fuel such as coal or gas, formed in the geological past from the remains of living organisms. Become eventual product used in industrialization rather than water power—coal, petroleum, etc. Sig: Still used today as one of America's top energy providers and can be made into metal. | 10 | |
| 3837950958 | Industrialization | Def: refers to a process that transformed agrarian and handicraft-centered economies into economies distinguished by industry and machine manufacturing. Sig: Caused much heavier production and created different social classes and it also made life much easier due to machines being made and doing work that typically a skilled worker would have to do. | 11 | |
| 3837952939 | Karl Marx/Marxism | Def: founder of modern communism; wrote the Communist Manifesto with Engels in 1848; wrote Das Kapital in 1867 (1818-1883); Branch of communism created by Karl Marx that not only emphasizes cooperation and ideologies but also speaks of a worldwide revolution of the working class to overthrow bourgeoisie governments Sig: Wrote the Communist Manifesto and strongly believed in communism and that everyone is equal and should be treated equally no matter their social class or wealth. | 12 | |
| 3837952940 | Mechanization | Def: the condition of having a highly technical implementation; refers to the use of machines to conduct aspects of industrial labor in factories as opposed to human power Sig: Due to the use of machines, skilled workers who had trained with an apprentice and have committed their life to that certain career were now not needed. Instead, non-skilled workers were able to do their job for them because the machine would do it. | 13 | |
| 3837954049 | Middle Class | Def: the social group between the upper and working classes, including professional and business workers and their families.; gains as a group during Industrial Revolution as own businesses or gain wealth through imperialism; acts as the main class that leads India as workers Sig: This was the working class that could afford a home and a family and could survive and contribute to society. | 14 | |
| 3837954050 | Monopoly | Def: the exclusive possession or control of the supply or trade in a commodity or service—company who gains complete control of an industry Sig: This helped and hurt many companies, but almost always improved the overall wealth of the certain country that the monopolized company was in. | 15 | |
| 3837955863 | Natural Resources | Def: materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain; in this time refers to the products gained from a land to be used for industrialization—cotton to make textiles etc.—or natural resources found in areas during imperialism—gold, diamonds, etc. Sig: This caused a higher need of workers to find and gather and mine these certain resources so it gave jobless people jobs (with not very good working conditions but it was a job) and then supplied other companies with these items/resources. | 16 | |
| 3837957175 | Second Agricultural Revolution | Def: a period of agricultural development in Britain between the 15th century and the end of the 19th century, which saw an increase in productivity and net output that broke the historical food scarcity cycles; Soil: Large estate owners use three field systems to increase productivity by rotating crops through fields in order to not drain nutrients from the soil; Animal drawn plows increase productivity also leading to greater production on large farms but inability to support using machinery on small farms Sig: led to less famine and starvation and new culinary ideas and concoctions were also discovered due to the surplus of food and ingredients. | 17 | |
| 3837958437 | Second Industrial Revolution | Def: The Second Industrial Revolution, also known as the Technological Revolution,[1]was a phase of the larger Industrial Revolution corresponding to the latter half of the 19th century until World War I. It is considered to have begun around the time of the introduction of Bessemer steel in the 1860s and culminated in early factory electrification,mass production and the production line Sig: increased the productivity of products and goods because of ideas and that led to mass production and a lot more technology including electricity and other machines. | 18 | |
| 3837958438 | Socialism | Def: Political and economic theory of social organization based on the collective ownership ("social ownership") of means of production; its origins were in the early nineteenth century, and it differs from communism by a desire for slow or moderate change compared with the communist call for revolution Sig: made workers believe that they owned the company (when they really didn't) and could've led to job loss. However, when socialism in a company is true, then it can be a good thing to improve wealth. | 19 | |
| 3837959832 | Steam Engines | Def: an engine that uses the expansion or rapid condensation of steam to generate power.; used in early factories to move power looms, eventually leads to use in transportation of steam ships, railroads etc.; requires coal to create steam allowing factories to move off of river locations but still within access to water and coal Sig: led to transportation of goods and people to be faster which then led to expansion and distribution of goods. | 20 | |
| 3837959833 | Stock Markets | Def: The market in which shares of publicly held companies are issued and traded either through exchanges or over-the-counter markets. The stock market lets investors participate in the financial achievements of the companies whose shares they hold. When companies are profitable, stock market investors make money through the dividends the companies pay out and by selling appreciated stocks at a profit called a capital gain. The downside is that investors can lose money if the companies whose stocks they hold lose money, the stocks' prices goes down and the investor sells the stocks at a loss. Sig: started many big businesses that are still around today and it also kept one company/person from becoming to wealthy because it was likely that not everyone would have only good luck with the stock market. | 21 | |
| 3837961305 | Suffrage | Def: Right to vote—extended to most men throughout democratic nation by allowing eventual voting without owning large areas of land—allowed for middle class men and urban workers to gain right to vote, given to women mostly after WWI Sig: allowed and led to a more unified country because everyone felt more equal than before and typically the right to vote often came with more rights that were given by the government. | 22 | |
| 3837961306 | Telegraph | Def: a system for transmitting messages from a distance along a wire, esp. one creating signals by making and breaking an electrical connection. Sig: increased communication which overall led to success in distribution of products and goods and also led to companies being able to control areas other than their exact location. | 23 | |
| 3837962956 | Textiles | Def: Cloth or woven fabric, was the first industry to industrialize in Britain, creation of machines to make process easier—textile cloth completed earlier using the cottage system--Cottage System: Weaving of cloth in households with the Putting-Out System where merchants would move raw materials to cottages where women would produce cloth and sell back to the merchant to sell in town; Early spinning and weaving machines make household production of cloth increase; Flying Shuttle: Device speeds up weaving process and created demand for thread; Spinning Mule: Spins cotton into thread—100x faster than hand spinning; Powered Loom: Water power loom increases volume of woven cloth Sig: made fabric and clothes much more available so people were able to have a different outfit for each day, even the poor were still able to have some type of outfit rather than just rags. The production of clothes then led to a more sanitized world. | 24 | |
| 3837964670 | Transportation: Railroad & Steamships | Def: Railroads and Steamships carry huge cargoes, lower transportation costs, dense transportation networks linking industrial centers, coalfields, iron deposits, ports. Eventually provide transportation to new regions—especially expansion to new areas in Americas and Africa Sig: led to expansion and distribution of products and goods without having to pay much money for it and wait for a long time to get the products. | 25 | |
| 3837968424 | Urbanization | Def: Urbanization is a population shift from rural to urban areas, and the ways in which society adapts to the change Sig: this made urban areas very crowded and alarmed people the need of some sort of sanitation system so that diseases do not begin or spread. | 26 |
