CP World History Vocab Flashcard #10: Industrial Revolution

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Shift in 18th century England from hand-made to machine-made goods.

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Industrial Revolution

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Development of industries for machine production of goods

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industrialization

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Resources needed to produce goods and services

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factors of production

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Growth of cities and migration into them

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urbanization

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Government non-interference in industries and businesses

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laissez faire

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Economic system of private ownership and profit-driven investment.

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capitalism

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Goal of society: greatest happiness for the greatest number.

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utilitarianism

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Economic system where production factors are publicly owned for everyone's welfare.

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socialism

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Economic system where all production means are owned by the people, no private property, and goods/services are shared equally.

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communism

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Believed the capitalist system would self-destruct, leading workers to revolt and create an equal society.

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Karl Marx