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industrial vocab

Vocab flashcards

TermDefinition
the wealth of nations the major work of Adam Smith, a Scottish economist, in which he lays out his philosophy
capitalism an economic system based on private ownership of land and the means of production
"invisible hand" the theory that a force exists that states that society benefits when the individual seeks to better him/herself materially.
factory system the concentration of the means of production and labor in one location to increase efficiency and profit
market a place goods and services are brought and sold
Loissez- faire and economy in which the govt. does not regulate the economy, but instead relies on the "invisible hand"
mass production the continuous production if standardized parts.
Das Kapital/ capital economic work by Karl Marx and Fredrick Engles that critiques capitalism and argues that the motivating force isnt self interest but exploiting human beings and their labor
surplus value the new value, or worth, of a good production by the proletariat. this new value is not shared w the worker, but is kept as profit by the bourgeoisie
ruling regime the role govts play in a capitalist society is to oversees and protect the bourgeoisie at the expense of proletariat
the communist manifesto Max and Engles' more popular work. Outlined the goals of Communism, and argued that the main theme throughout human history has been class conflict made worse by capitalist.
communism a society based on the common ownership of property, the means of production, and the abolition of social classes, wealth and the state.
socialism a society based on the govt. ownership of some or all of the means of production and property. may or not be democratically based
utopian socialism mid 19th century movement that entered on attempts at eliminating the harsh aspects of industrial capitalism
trade unions organizations of workers in similar industries that used the threat of strikers to demand better working conditions and pay.
Created by: Nanto79
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