AP Euro Ch 21 Vocabulary

Count Henri de Saint-Simon

(1760-1825) One of the most influential early socialist thinkers that believed that the key to progress was proper social organization that required the "parasites" (the court, aristocracy, lawyers, and churchmen) to give way to the "doers" (scientists, engineers, and industrialization.

Charles Fourier

(1772-1837) A leading utopian socialist who envisaged small communal societies in which men and women cooperated in agriculture and industry, abolishing private property and monogamous marriage as well.

Pierre Joseph Proudhon

(1809-1865) A self-educated printer who wrote the pamphlet *What is Property?* in 1840. He believed that property was theft, a profit that was stolen from the worker who was the source of all wealth.

Louis Blanc

(1811-1882) A utopian socialist and intelligent journalist who urged workers to demand universal voting rights and peacefully take control of the state. In his book *Organization of Work* (1839), he asserts his beliefs in government-backed workshops and factories to guarantee full employment and thus the right to work.

socialism

A backlash against the emergence of individualism and the fragmentation of society and a move toward cooperation and a sense of community; the key ideas were economic planning, greater economic equality, and state regulation of property.

James Watt - steam engine

A breakthrough invention by Thomas Savery in 1698 and Thomas Newcomen in 1705 that burned coal to produce steam. which was then used to operate a pump; the early models were superseded by James Watt's more efficient steam engine, patented in 1769.

laissez-faire

A doctrine of economic liberalism that believes in unrestricted private enterprise and no government interference in the economy; developed by Adam Smith in *The Wealth of Nations* (1776).

limited liability

A form of business ownership in which the owners are liable only up to the amount of their individual investments. Stockholders only lost their original investments in the bank's common stocks and could not be forced by the courts to pay for any additional losses out of other property they owned if the bank went bankrupt.

separate spheres

A gender division of labor with the wife at home as mother and homemaker and the husband as wage earner.

James Hargreaves - spinning jenny

A simple, inexpensive, hand-powered spinning machine created by James Hargreaves in 1765.

Richard Arkwright - water frame

A spinning machine created by Richard Arkwright that had a capacity of several hundred spindles and used waterpower; it therefore required a larger and more specialized mill - a factory.

cottage industry

A stage of industrial development in which rural workers used hand tools in their homes to manufacture goods on a large scale for sale in a market.

capital

An accumulated stock of wealth in the form of money, property, or natural resources owned by a person or business.

capitalism

An economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, esp. as contrasted to cooperatively or state-owned means of wealth.

free market

An economic system in which prices and wages are determined by unrestricted competition between businesses, without government regulation or fear of monopolies.

mixed economy

An economy based mainly on private ownership and control of economic resources but where government regulates promotes and guides activity in selected areas like the banking system, rates of interest on loans and saving, and in programs of business and employment stimulation during economic downturns.

market economy

An economy in which decisions about production and consumption are made by individual producers and consumers.

class-consciousness

An individual's sense of class differentiation.

utopian socialists

Early nineteenth-century socialists who hoped to replace the overly competitive capitalist structure with planned communities guided by a spirit of cooperation.

Friedrich List (National System of Political Economy)

German journalist and thinker who wrote the *National System of Political Economy* in 1841. He "considered the growth of the modern industry of the utmost importance because manufacturing was a primary means of increasing people's well-being and relieving their poverty." List also promoted railroad building and the tariff as "to promote industry was to defend the nation."

protective tariff

High taxes on imported goods to promote the domestic economy; A government's way of supporting and aiding its own economy by laying high taxes on imported goods from other countries, as when the French responded to cheaper British goods flooding their country by imposing high tariffs on imported products.

labor

Human effort directed toward producing goods and services.

Samuel Crompton - spinning mule

In 1779, Samuel Crompton combined the spinning jenny and the water frame to create a machine which produced a thread which was stronger, finer and more consistent. This alternative technique also began to require more power than the human arm.

George Stephenson - locomotive

In 1825, George Stephenson built an effective locomotive after ten years of experiments with steam engines on rails. This locomotive was named the Rocket, which in 1830 was tested on the Liverpool and Manchester Railway at 16 miles per hour.

Henry Cort - puddling

In the 1780s, Henry Cort developed the puddling furnance, where coke was used to refine pig iron. Coke, which is made from coal, burned away the impurities to produce higher quality iron.

Marxian socialism

Marx's ideas included sociology, economics, and all human history; includes proletariat overthrow, abolition of bourgeois property

economic nationalism

Policies aimed at protecting and developing a country's economy.

command economy

State directs economy

putting-out system

The eighteenth-century system of rural industry in which a merchant loaned raw materials to cottage workers, who processed them and returned the finished products to the merchant.

Edmund Cartwright - power loom

The power loom was a steam-powered, mechanically operated version of a regular loom, an invention that combined threads to make cloth. It was invented by Edmund Cartwright in 1785. Though they worked poorly at first, they eventually reduced the wages of hand-loom weavers.

communism

Total government control of all aspects of the economy; eventually no social classes