Industrial Revolution

Front

Transition to new manufacturing process (1760-1820) including hand production to machines, new iron process, steam and water power, mechanized factory system.

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The First Industrial Revolution

Front

Primary inventor of the single-wire telegraph machine and developer of Morse code.

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Samuel Morse

Front

A Scottish inventor, mechanical engineer, and chemist who improved on Thomas Newcomen's steam engine in 1776. His new model was instrumental to the changes brought by the Industrial Revolution.

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James Watt

Front

The transition of labor done primarily by workers to the labor done primarily by machines.

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Mechanization

Front

Method of manufacturing using machinery and division of labor with most (or all) steps of the labor process taking place in one location.

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Factory System

Front

The separation of tasks in any economic system or organization so that participants may specialize.

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Division of Labor

Front

The process of managing or running something principally for financial gain.

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Commercialization

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Policy or attitude of letting things take their own course, without interfering. It is often used to reference the abstention of governments from interfering in the workings of the free market.

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Laissez-faire

Front

Economic concept that describes the unintended greater social benefits and public good brought about by individuals acting in their own self-interests.

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The Invisible Hand

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Scottish economist, philosopher, pioneer of political economy, and a key figure during the Scottish Enlightenment. He is known as "The Father of Economics" or "The Father of Capitalism".

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Adam Smith