Industrialization Vocab #3

Front

Free economic system driven by supply and demand

Back

Capitalism

Front

Father of capitalism, wrote "Wealth of Nations"

Back

Adam Smith

Front

Inequality

Back

Unequal or unfair with negative consequences.

Front

Government should be 'hands off' business

Back

Laissez-Faire

Front

Believed capitalism was doomed and developed socialism/communism

Back

Karl Marx

Front

Book by Karl Marx explaining worker revolution against owners.

Back

Communist Manifesto

Front

Socialism

Back

Government controls production.

Front

Economic system where workers control production in a classless society

Back

Communism

Front

Workers unite to negotiate better conditions

Back

Union

Front

Organized workers refuse to work for better conditions

Back

strike