Reforming the Industrial World

An economic system in which individuals and companies own the means of production, and the goal is to make a profit.

An economic system in which the government owns or controls most of the means of production, and aims to distribute wealth more equally.

The idea that the government should not interfere in the economy, allowing businesses to operate freely.

A British philosopher who argued that the government should not interfere in the economy, advocating for free trade.

A German philosopher who argued that capitalism would inevitably lead to conflict between the wealthy and the working class.

An economic system in which all property is owned by the community and there are no private businesses.

An organized group of workers who unite to improve their working conditions and wages.

A tactic used by unions, where workers refuse to work in order to put pressure on employers to meet their demands.

In a market system, resources are cheap when there are many workers and resources available. Conversely, resources are expensive when they are scarce.

Ricardo believed that population growth would lead to lower wages, creating a cycle of poverty.

Smith and Ricardo opposed government intervention to help poor workers, arguing it would disrupt the free market system.

Smith believed that individuals pursuing their own self-interest would naturally lead to social harmony and progress.

Socialism advocates for government intervention to address economic inequalities and promote social welfare.

A group of workers in the same field who work together to improve their working conditions and wages.

Negotiations between workers and employers to improve working conditions and wages.

A period of rapid technological and economic change in the late 18th and 19th centuries, marked by the rise of factories and mass production.

The belief that social change is primarily driven by economic factors.

The idea that the government should not interfere in the economy, allowing businesses to operate freely.

The gap between the rich and poor.

A theory that judges actions based on their usefulness in promoting the greatest good for the greatest number of people.

A French writer who warned that social unrest and inequalities could lead to a destabilizing of society.

A philosopher and economist who advocated for government intervention to improve the lives of working people and create a more equitable society.

A British philosopher who modified Adam Smith's ideas by introducing the concept of utilitarianism.

A system where the government takes a more active role in regulating the economy, promoting social welfare, and ensuring fairness in wealth distribution.

A political and economic theory that suggests that history is a series of class struggles between the 'haves' (bourgeoisie) and the 'have-nots' (proletariat).

The wealthy class who own the means of production, such as factories and land.

The working class who are employed by the bourgeoisie.

The belief that capitalism will inevitably lead to conflict between the bourgeoisie and proletariat due to a gap in wealth and power.

The pamphlet written by Karl Marx and Friedrich Engels that outlines their ideas about class struggle and the downfall of capitalism.

The Industrial Revolution led to a widening gap between the wealthy and the poor, as the bourgeoisie benefited while the working class suffered.

Marx and Engels argued that history has always been a fight between oppressors and oppressed, signifying a continuous struggle for power.

The wealthy owning the means of production and the poor working for them under often harsh conditions is seen as a source of conflict according to Marx and Engels.