Industrial Revolution

Greatly increased output of machine-made goods

Enclosures

Wealthy landowners enclosed their land and cultivate larger fields

Crop rotation

By increasing soil nutrient process improved upon older methods of crop rotation

Industrialization

Process of developing machine production of goods require natural resources

Natural resources

Water power, coal to fuel, iron, rivers, and harbor, invested manufactures of new inventions

Factors of production

Textile industry

The first revolution in Britain which increased population by agriculture revolution, productivity

Factories

Machines in larger buildings

Manchester

It is the country had lots of child labors and bad conditions for workers.

A person who organizes, manages, and takes on the risks of a business

figured out a way to make the steam engine work faster and more efficiently, called Watt’s steam engine

was an entrepreneur, paid Watt a salary and encouraged him to build better

engines

first successful trip(1807) later ferried passengers up and down New York’s Hudson River

a Scottish engineer, equipped road beds with a layer of large stones for drainage

gained a solid reputation by building some 20 engines for mine operators in northern England

Rocket

the best locomotive, designed by Stephenson and his son

Urbanization

City building and the movement of people to cities              

Middle class

Porfessionals, business people, and wealthy farmers àsocial class made skilled workers

Ned Ludd

Labors, Luddites destroyed weaving machinery for workers

Laissez fair

Refers to economic policy of letting owners of industry and business set working condition without interference.

Adam Smith

A professor at the University of Glasgow, Scotland, idea of free economy, market argued three natural laws of economics.

Thomas Malthus

Principle of Population, argued population had increased more than food supply

Capitalism

Economic system factor of production are privately owned and money is invested in business ventures to make profits

Socialism

The factors of production are owned by public and operate for welfare of all

Utilitarianism

Jeremy Bentham introduced people would judge ides, institutions, and actions on the basis of their utility, argued government should promote greatest good for greatest number of people.

Karl Marx

Introduced the world to a radical type of socialism called Marxism

Argued that human society have always been divided, (employers-bourgeoisie workers-proletariat)

Communism

Marx described as factories, railroads and business would be owned by the people

Unions

Workers joined together in voluntary labor associations

Strike

Refuse to work

Jane Addams

Ran settlement houses served the poor resident of slum neighborhoods

Friedrich Engels

With Marx, made Communist Manifesto

Jane Addams

Member of Parliament led the fight for abolition, end of the slave in British Empire

Horace Mann

Massachusetts, favored free public education for all children.

Imperialism

The policy of extending one country’s rule over many other lands.