Unit 4 Flashcards
(24 cards)
Merchantilism is?
Economic policy from 16th 18th centuries under which nations sought to increase their wealth and power and become self sufficient by obtaining gold and silver to get a positive balance of trade
What does it mean to have a positive balance of trade?
Selling more than bought (making profit)
What is the Triangular trade system?
Merchants sold goods from England to Africa, in exchange for Africans, which they sold for sugar and molasses, which they sold to england
What is the middle passage?
The voyage that brought captured Africans to the west indies and later America, many died on the trip
What was the Atlantic slave trade?
Where colonists used African slaves for plantations in the America’s
What was the industrial revolution?
Refers to the increased output of machine made goods in the middle 1700s
What was the enclosure movement?
Large fields called ‘enclosures’ where landowners experimented with farming methods
What was crop rotation?
Rotating crops year to year to insure nutrients were not depleted in the soil
Everything about steamengine
James watt, a mathematical instructor made it run faster, more efficient, and burn less fuel
Railways and why important?!?!?!
Large rails for trains to use, trains could cheaply transport goods, created many jobs, boosted fisheries and farming industries, and made travel much easier
Working conditions during industrial renovation
Cities lacked codes and guidelines, housing water and services were scarce, and epidemic swept through cities
What is child labor’s?
Getting a child to do stuff, like labour
What was imperialism?
The policy of extending one’s country rule over many other lands
What is laissez faire economics
The economic policy of letting business owners set their own working conditions
Who was Adam Smith?
Professor from Scotland who fought for a free market, he believed people should work for their own good, competition forces people to make better products, and enough goods will be made to meet demands
What is capitalism
Economic system in which factors of production are privately owned and money is invested for profit
What is socialism?
The factors of production are owned by the public and operated for the welfare of all
Who is Karl Marx, and what is Marxism?
German journalist who created a version of socialism called Marxism. Called for public ownership of all land and production, everyone would share the wealth evenly
What are the bourgeois?
Wealthy Business owners
What are proletariat?
Workers, poor
What is communism?
Form of complete socialism where everything is owned by the people
What are labour unions
They speak for workers in particular trades, engaged in collective bargaining and demanded better working conditions
What are reform laws?
Laws that changed/reformed things, some include:
-investigating child labour
-making it illegal to hire children under 9
-making it illegal for women and children to work in mines underground
What was the Russian revolution
A bunch of chaos and destruction that led to Russia sharing all farmland equally amongst the population
