IR/Economic Systems

Question 1

Putting-out system / Cottage Industry

Answer 1

Rural workers used hand tools in their homes w/ no strict regulations; merchants loaned raw materials to rural workers, who returned finished products to the merchants

Question 2

Spinning Jenny

Answer 2

James Hargreaves: hand-powered, for spinning

Question 3

Water Frame

Answer 3

Richard Arkwright: water-powered, for spinning, factories, improved upon Spinning Jenny

Question 4

Spinning Mule

Answer 4

Samuel Crompton: for spinning, factories, improved upon Water Frame

Question 5

Steam Engine

Answer 5

James Watt: solved energy problem/shortage of wood from ag. rev. (runs on coal), faster inland transport

Question 6

Puddling Furnace

Answer 6

Henry Cort: puddlers cook molten iron in the furnace and create inexpensive iron products, caused iron industry boom, supported steam/rail industries

Question 7

Locomotive (Rocket)

Answer 7

George Stephenson: Railroads promoted iron industry (rails), improved upon Steam Engine, cheaper shipping, new obsession w/ power and speed

Question 8

Crystal Palace

Answer 8

(London) interior exhibits, celebrated Britain’s industrial dominance

Question 9

Thomas Malthus

Answer 9

Essay on the Principle of Population: population is growing faster than resources can support, society must use “preventative” checks (less birth) and “positive” checks (more death). The poor are at fault for their overpopulation.

Question 10

David Ricardo

Answer 10

Iron Law of Wages: wages would always sink to subsistence level b/c of population growth

Question 11

Friedrich List

Answer 11

National System of Political Economy: anti-free trade, pro-protective tariff

Question 12

Economic Nationalism

Answer 12

Policies aimed at protecting and developing a county’s economy

Question 13

Protective Tariff

Answer 13

Tax on imported goods, aids domestic economy

Question 14

Limited Liability

Answer 14

An investor cannot lose more than he invests

Question 15

Crédit Mobilier

Answer 15

French bank, funded RR’s

Question 16

Power Loom

Answer 16

Edmund Cartwright: weaving - textile industry

Question 17

Capital

Answer 17

Money

Question 18

Labor

Answer 18

Work

Question 19

Class-conciousness

Answer 19

An individual’s sense of class differentiation

Question 20

Luddites

Answer 20

Group of handicraft workers in N. England who attacked whole factories, smashing new machines that they claimed were putting them out of work

Question 21

Robert Owen

Answer 21

Self-made Scottish cotton manufacturer and social reformer, criticized young child labor, cared about his workers but still disciplined them, organized the Grand National Consolidated Trades Union (large, but eventually collapsed)

Question 22

Separate Spheres

Answer 22

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

Question 23

Factory Act of 1833

Answer 23

England: limited the factory workday for children, kids under 9 had to attend factory-run schools

Question 24

Mines Act of 1842

Answer 24

England: prohibited underground work for all women/girls as well as for boys under 10

Question 25

Combination Acts of 1799

Answer 25

England: outlawed unions and strikes, favoring capitalist business people over skilled artisans. Resented and largely disregarded, eventually repealed in 1824

Question 26

Grand National Consolidated Trades Union

Answer 26

Organized by Robert Owen, one of the largest and most visionary of the early national unions, eventually collapsed

Question 27

Amalgamated Society of Engineers

Answer 27

"New model union" in Britain, represented skilled machinists

Question 28

Chartists

Answer 28

Movement which sought political democracy and voting rights for all men, many workers joined

Question 29

Second Industrial Revolution

Answer 29

(1860-1914) | Steel, electricity, planes, cars, telephone, telegraph, movies, radio, etc.

Question 30

Capitalism

Answer 30

Adam Smith: laissez-faire (as opposed to mercantilism), individual ownership. Problems: unequal dist. of wealth, huge gap b/t rich and poor

Question 31

Laissez-faire

Answer 31

gov't should not intervene in economy (free market, market economy)

Question 32

Adam Smith

Answer 32

The Wealth of Nations: Pursuit of domestic industry is beneficial for both the individual and the society (invisible hand). Smith is the father of Capitalism/modern economics.

Question 33

Socialism

Answer 33

Some gov't ownership, some individual ownership (mixed economy). Gov't can interfere in economy, no social classes.

Question 34

French Utopian Socialists

Answer 34

Blanc, Fourier, Proudhon, Saint-Simon

Question 35

Louis Blanc

Answer 35

Organization of Work: social workshops (prices over a minimum level, no more monopoly). Urged proletariat to take control of the state peacefully.

Question 36

Charles Fourier

Answer 36

Theory of Social Organization: phalanxes (self-sufficient communities of 1620 people). Encouraged emancipation of women/abolition of marriage. He was hella crazy.

Question 37

Pierre Joseph Proudhon

Answer 37

Argued that property is profit that is stolen from the worker.

Question 38

Count Henri de Saint-Simon

Answer 38

Encouraged improved conditions for the poor. Early utopian socialist.

Question 39

Communism

Answer 39

(Marxian Socialism, command economy). ~revolutionary socialism, realized that utopian socialism is not practical based on history of class struggles. Revolution- proletariat should overthrow bourgeoisie. No private property, no social classes. Gov't would wither away - society of workers.

Question 40

Karl Marx

Answer 40

Founder of communism

Question 41

Friedrich Engels

Answer 41

Criticized the state of the working class in England. Co-author of the Communist Manifesto (w/ Marx).

Question 42

The Communist Manifesto

Answer 42

Marx/Engels. Synthesized Communist ideas.

Question 43

Agents of Continental Industrialization

Answer 43

1) skilled workers 2) entrepreneurs 3) governments 4) banks

Question 44

Why did Continental industrialization lag?

Answer 44

GB goods already dominant, factory labor shortage.

Question 45

Why was Britain the first to Industrialize?

Answer 45

large market, waterways, natural resources, agricultural rev., strong central bank, stable gov., no domestic tariffs