Chapter 18 Flashcards

316480220	Capitalism	Means of production owned by private individuals; characterized by free enterprise and a self regulating economy.	0
316480221	Communism	means of production controlled by the government; characterized by gov't control to ensure equality	1
316480222	Socialism	means of production controlled by both the private and public sector; tries to balance liberty and equality.	2
316480223	Laissez-faire	means "hands off" or "leave alone" and describes the capitalist belief that the government should NOT regulate business	3
316480224	Adam Smith	father of capitalism; wrote Wealth of Nations	4
316480225	Karl Marx	father of communism, wrote the Communist Manifesto	5
316480226	Proletariat	Working class that Marx believed would rise up and overthrow the wealthy	6
316480227	Bourgeoisie	wealthy class of business owners that Marx believed would be overthrown by the poor	7
316480228	Edward Jenner	discovered smallpox vaccine	8
316480229	Henry Bessemer	cheaper and more efficient way to manufacture steel	9
316480230	Louis Pasteur	discovered bacteria	10
316480231	James Watt	invented the steam engine	11
316480232	Eli Whitney	invented the cotton gin	12
316480233	Cottage Industry	before the Industrial Revolution when work was done in the home for extra income	13
316480234	Agricultural Revolution	improvements and changes in Agriculture that occurred just before the Industrial Revolution which allowed for more laborers to specialize	14
316480235	Enclosure Act	Law in Britain that sold off all public; benefitted the wealthy, and gave them extra income to invest with	15
316480236	Industrial Revolution	beginning in approximately 1750 it is a change to a manufacturing economy	16