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30 Cards in this Set
- Front
- Back
socialism
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political and economic system in which the government or the people owns the means of production
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Samuel Morse
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American inventor who invented the telegraph and a system of encoding the alphabet
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Robert Fulton
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an American engineer who built the first profitable steamboat
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Richard Arkwright
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invented a way to drive the spinning "jenny" by waterpower
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mass production
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system of producing or making large amounts of the same goods
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Karl Marx
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published 'The Communist Manifesto', believed a capitalist society would split into two economic classes
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Jethro Tull
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an English landowner who invented a seed drill that made it possible to plant seeds in straight rows
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Industrial Revolution
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changes beginning in the 1700's, when machines began to do much of the work in industries that people had done before
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enclosurement
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practice of fencing or enclosing common public lands into individual areas of land for people
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Eli Whitney
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an American who invented the cotton gin
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Bessemer Process
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a cheaper and more efficient method of making steel
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Adam Smith
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a Scottish economist who wrote the book 'the Wealth of Nations' considered the founder of classical economics
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proletariat
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name given by Karl Marx to the working class
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mechanization
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use of automatic machinery to increase production or the amount of goods that can be made
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monopoly
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complete control of the manning or sale of a single good or service by a single company
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strike
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refusal of workers to work until their demands are met
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James Watt
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patented the modern steam engine
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Henry Ford
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used the assembly line line to build automobiles
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J.P.Morgan
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an American financier who founded the United States Steel Company
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Jeremy Bentham
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theory of utilitarianism
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capitalism
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economic system in which individuals, rather than governments control the factors of production
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vulcanization
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process of treating rubber with pressure and heat to make it more useful
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tenements
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cramped, shabby apartment buildings where workers lived during the Industrial Revolution in England
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collective bargaining
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process of negotiation between management and union representatives
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corporation
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large businesses that allow people to buy stock or parts of ownership in the company
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interchangeable parts
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parts that are exactly the same and can be replaced or changed between different products
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cartels
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corporate groups that control whole industries of types of businesses
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crop rotation
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the practice of alternating crops of different kinds to preserve soil fertility
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factors of production
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basic resources needed for industrialization, such as necessary land, capital, and labor
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Friedrich Engels
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published 'The Communist Manifesto' with Karl Marx
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