Terms & People• Terms• enclosure• crop rotation• industrial Rev.• industrialization• urbanization• 3 factors of production• reform movements• corporation• stock• entrepreneur• union• collective bargaining• laissez-faire economics• free market economics• Capitalism• Utilitariansim• socialism• communism

• People• Adam Smith• Karl Marx• William Wilberforce• Horace Mann

Section 1

Industrial Revolution- change from man made to machine made goods

• Agricultural Revolution – enclosures and increased food supply

• Fewer farmers were needed ( they become the labor force for the factories)

• Natural Resources- England had : coal and water power for their machines, iron ore to make machines and tools, rivers for transportation, and harbors for worldwide trade

• Railroads provided cheap and fast transportation of goods and materials

Section 2

• Urbanization – growth of cities

• Caused overcrowding (more people than houses)

• New Middle Class was created- skilled workers, overseers, bankers, etc.

• Upper Class resented the middle class

Section 3Industrial Revolution spreads

• Industrialization led to an overuse of natural resources

• The need arose to get resources from other places (imperialism)

• Inequality between industrialized and non industrialized countries

Section 4

• Capitalism- free market system

• Adam Smith in “Wealth of Nations”

• Laissez-faire – Government keeps “hands off” economy

Socialism

• government controls major means of production and distribution

Communism

• Theory – The people collectively control all means of production and distribution

• Reality - Government controls all means of production and distribution

• Karl Marx “Communist Manifesto”

Reforms

• Education – Horace Mann

• Women’s Rights – • Abolition – William

Wilberforce• Child Labor Laws• Labor Unions –

protect the rights of workers