The Industrial Revolution 25

Centrally planned economy with all economic and political power resting with the government

Passed in 1819 which restricted the age of working and the amount of hours.

English economist: Said that population tends to increase more rapidly than food supplies

Developed seed drill which allowed for sowing of crops in a straight row rather than by hand

The practice of rotating different fields from crop to crop each year to avoid soil exhaustion

Liberal thinker who believed that freedom and liberty comes from individualism.

Series of improvements in industrial tech. that transformed the process of manufacturing goods

A person who organizes, manages, and takes on the risks of a business

British statesman and reformer; leader of abolitionist movement in England

A large building in which machinery is used to manufacture goods

People who work for wages such as factory workers

Capital raised by a corporation through the issue of shares entitling holders to interest

Idea that government should play as small a role as possible in economic affairs

A social class made up of skilled workers, professionals, business people, and wealthy farmers

Process of taking over and fencing off land once shared by peasant farmers

The goal of society should bring about the greatest happiness for the greatest number of people

British cotton manufacturer and socialist; believed in utopian communities

A worker association that bargains with employers over wages, benefits, and working conditions

Economist who argued the laws of supply and demand should operate by the "iron law of wages":

German philosopher and economist. Wrote The Communist Manifesto and Das Kapital

Scottish political economist . Advocated "laissez faire" and founder of capitalism

Business owned by stockholders who share profits but are not personally responsible for debts

The growth of cities and the migration of people into them

A political theory advocating state ownership of major industry

Invented the flying shuttle, which enabled the weaver to throw the shuttle back and forth