economy & society

21
Enclosure •Public lands shared doing the Middle Ages were enclosed by fences, allowing private farming and private gain.

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Page 1: Economy & Society

Enclosure• Public lands shared doing the Middle Ages were enclosed by fences,

allowing private farming and private gain.

Page 2: Economy & Society

Urbanization• Cities grew.

Page 3: Economy & Society

Domestic System• An arrangement where most of the cotton was woven into cloth in

homes or small shops.

Page 4: Economy & Society

Flying Shuttle• Invented by John Kay which sped up the weaving process.

Page 5: Economy & Society

Spinning Jenny• Invented by John Hargreaves which was capable of spinning vast

amounts of thread.

Page 6: Economy & Society

Cotton Gin• Invented by Eli Whitney allowing massive amounts of cotton to be

quickly processed in the Americas and exported to Europe.

Page 7: Economy & Society

Steam Engine• Developed by Thomas Newcomer by improved by James Watt. Used

to generate power for industry and also for transportation.

Page 8: Economy & Society

Steamship• Built by Robert Fulton.

Page 9: Economy & Society

George Stephenson• Built the first steam powered locomotive.

Page 10: Economy & Society

Interchangeable Parts• Invented by Eli Whitney so machines that broke down could be easily

replaced.

Page 11: Economy & Society

Assembly Line• Invented by Henry Ford so each factory worker added only one part

to a finished product.

Page 12: Economy & Society

Adam Smith• Wrote in "The Wealth of Nations" that economic prosperity and

fairness is best achieved through private ownership.

Page 13: Economy & Society

Free Market System (Capitalism)• Individuals owning the means of production and sell their products

and service in an open market, where demand for goods and service would determine prices and availability.

Page 14: Economy & Society

Laissez-Faire Capitalism• When government remove themselves entirely from capitalism

regulations.

Page 15: Economy & Society

Karl Marx• German economist and philosopher who pointed factory workers

were being exploited as a consequence of capitalism. Wrote in "The Communist Manifesto" that the working class would eventually revolt.

Page 16: Economy & Society

Marxism• Served as foundation of socialism and communism.

Page 17: Economy & Society

Socialism• The government owns some of the means of production.

Page 18: Economy & Society

Factory Act of 1883• Passed by British Parliament that limited hours of each workday,

restricted children working in factories. and required owners to making working conditions safer and cleaner.

Page 19: Economy & Society

Labor Unions• Employees bargaining for better working conditions, or threatened to

strike.

Page 20: Economy & Society

Social Mobility• Ability to work their way up from one social class to the next.

Page 21: Economy & Society

Social Darwinists• Claimed the dominant races or classes of people rose to the top

through a process of "survival of the fittest".