Economic Systems, 1750-1900 Flashcards Preview

AP World History > Economic Systems, 1750-1900 > Flashcards

Flashcards in Economic Systems, 1750-1900 Deck (73)
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1

~Industrialization

● The mass production of goods by means of machine power became a key part of Western economies
● The importance of trade and commerce skyrocketed and a growing number of people moved from rural areas to the city

2

~Capitalism

● Became the dominant economic system
● Led to the creation of great wealth in the Western world
● Based on competition and left unregualted
● Could be cruel to those on the losing end (working class in the early 1800s)

3

~Industrial Reovlution

● First stage coincided roughly with the political revolutions taking place in America, France, and the Atlantic world
● Lasted decades and had no clear-cut beginning or end
● Changed life in Europe and the rest of the world
● Placed new machines and inventions at the disposal of ordinary people
● Affected old social classes and created new one
● Changed the way millions worked, where they lived, and how they understood political problems

4

~Proto-industrial practices

● Methods more productive than traditional artisanry and craftsmanship had been in place since 1600s
● Machines such as the flying shuttle and the spinnin gjenny, which sped up the manufacture of cotton were invented as early as 1733 and 1764

5

~Enclosure Act

● In favor of wealthy landowners
● Fenced off large pieces of farmland that had once been common property
● Impoverished many farmers and forced htem to relocate to the cities, creating a large pool of available labor

6

~James Watt

● Scottish inventor who patented a steam engine that was both poweful and cost-effective in 1782

7

~First stage of the Indistrial Revolution

● The first stage of hte Industrial Revolution invovled hte integration of Watt's steam engine into the textile and coal-mining industries

8

~Second stage of hte Industrial Revolution

● Lasted roughly until the middle of the 1800s
● Involved the universal application of steam power (and more slowly, electricity) to all areas of economic activity
● Spread to other parts of Europe and North America

9

~Industial era

● Continued throughout the rest of hte century and gave birth to a huge wave of invention

10

~Second Industrial Revolution

● Crucial innovations during the second half of the 1800s
● Bessember process (1850s)
● Concrete-and-steel construction (1880s)
● Electricity
● Commercial use of petroleum (1859)
● Chemical industries and use of rubber
● Internal combustion engine (1866-1885)
● Telephone (1876-1879)
● Radio (1895-1901)
● Airplane (1903)
● Warfare technology
● Tractor

11

~Bessemer process

● Made steel production cheaper and easier
● 1850s

12

~Concrete-and-steel construction

● Enabled the building of skyscrapers pioneered by Chicago int he 1880s
● Enabled engineering projects like the Suez and Panama canals

13

~Electircity

● Thomas Edison's light bulb came in 1879

14

~Internal combustion engine

● Led to the automobile
● 1866-1885

15

~Warfare technology

● Modern rifles, better artillery, and the machine gun

16

~Tractor

● Helped cause an agriculture boom in the countryside

17

~Free-market industrialization

● Arose in Britain and dominated in most of Western Europe and North America
● Fundamental assumption was the laissez-faire preinciple that governemnt involvement in and regulation of industrialization should be kept ot a minimum

18

~State-sponsored industrialization

● Governments either directed industrialization from above or following an approach caleld state capitalism

19

~State capitalism

● Set nationwide economic and industrial priorities and then contracted with certain favored private firms to achieve htose goals
● Germany and Japan

20

~Middle class

● Benefited the most from Industrial Revolution, particularly the bankers, merchants, and factory owners who came to be known as the bourgeoisie

21

~Working class

● Industrial Revolution expanded hte size of the class
● AKA proletariat
● During the first decades, this class bore the heaviest economic burden
- Their labor allowed the Industrial Revoution to move forward, but until the second half of hte 1800s, they were badly treated and barely compensated
● Workers received low wages, lived in squalid and crowded housing, worked long shifts, coped with unsafe working conditions and had no pensions, safety law, or insurance
● Child labor was common

22

~Traditional aristocracy

● Wealth had been based primarily on land
● Diminished by industrialization

23

~Luddites

● English textile artisans who, during the 1810s, rioted and wrecked power looms and other industrial devices they felt were destroying their livelihood

24

~1848 Revolutions

● Caused partly by the socioeconomic stress of early industrialization

25

~Population growth

● Europe's population grew from an estimated total fo 175-187 million in 1800 to 266 milion in 1851 and 423 million in 1900
● Similar growth took place in US

26

~Urbanization

● European cities htat existed grew larger
- In 1800, London reached the 1 million mark, as did Paris in the 1830s
● Many new cities sprang up, such as Liverpool and Manchester, precisely because of hte Industrial Revolution
● By the mid-1800s, England and Wales were urban societies
● Generally associated with social advancement but cities were typically polluted and crowded, and the lower classes lived in slums or shantytowns where sewage was primitive or nonexistent
● Diseases such as cholera, tuberculosis, and typhoid ran rampant in such conditions

27

~Urban societies

● 50% or more of the population lived in cities

28

~Trade union

● In the early 1800s, unions were illegal in Europe and the US, and workers risked injury and arrest if they joined unions or went on strike
● Gave them a way to struggle for political rights and better treatment in the workplace
- Higher wages, five-day work week, shorter hours, safety regulations, pensions, and employee insurance
● In the late 1800s and early 1900s, unions earned legal status in most countries and gained greater economic and political strength

29

~Adam Smith

● appeared in 1776
● Associated with free-market capitalism (laissez-faire)
● Encouraged free trade and political liberalism, at least for the middle classes
● Governemnts should only take measures to fight extreme poverty (althought some others maintained that little could be done for the poor)

30

~Invisible hand

● laws of supply and demand should operate freely, with minimal governemnt intervention