Unit 10 Industrial Revolution
What is Laissez-Faire?
"Hands off" government, meaning the government does not control the economy
What do socialism attempt to do?
To alleviate abuses that capitalism created by government control of critical industries that all people need to use
Peasants being forced off their land and to move to cities is known as what?
Urbanization
What were the working conditions for children?
Worked long hours and suffered injuries
What is the Industrial Revolution?
A change from producing goods by hand to mass producing them with machines, a change from an agricultural economy to a manufacturing economy and a change from people living in rural areas to living in cities
What is communism?
An economic theory supporting the over throw of owners by workers and shared ownership
What were causes of the Industrial Revolution?
Availability of natural resources, the Agricultural revolution and an expanding economy
What did capitalism allow for?
Growth because it encouraged people to make money
What did workers form in order to protect their working conditions?
Labor unions and went on strike
What are some criticisms of capitalism?
Large business owners put small businesses out of work, workers received low wages and owners profited and a large gap between rich and the poor developed
What were some results from the Agricultural Revolution?
Many small farmers became tenant farmers or moved to cities, enclosures became commonly used by wealthy landowners and landowners experimented with new agricultural methods like crop rotation
What were solutions to the negative effects of the Industrial Revolution?
More government regulation and safety laws
What were benefits of the railroad?
Offered cheap transportation for materials and goods
What was an effect of the Enclosure Act?
Peasants were forced off their land and moved to cities
Which is supported by the following quote: "From each according to his abilities, to each according to his needs, with government oversight for all"
Socialism
What did Adam Smith support?
The free-market and competitive system of capitalism
What were positive impacts of the Industrial Revolution?
The standard of living increased for many people, England became a wealthy and strong nation and better methods of transportation and communication developed
What were Karl Marx theories on communism?
Classless society, production should be owned by all, and society was historically divided into "haves" and "have-nots"
Factory workers would most likely support what?
Communism
What was a negative aspect of industrialization?
Created unsafe jobs with low wages
What was the impact of mass production?
The price of goods went down