Industrialism/ Imperialism

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The period of time that is marked by the greatly increased output of machine made goods that began in England in the middle 1700s.

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INDUSTRIAL REVOLUTION

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The process of developing machine production of goods.

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INDUSTRIALIZATION

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an industrial site, usually consisting of buildings and machinery, or more commonly a complex having several buildings, where workers manufacture goods or operate machines processing one product into another. All aspects of the production process are housed at one site.

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FACTORY

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the increasing number of people that live in urban areas.

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URBANIZATION

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an economic environment in which transactions between private parties are free from government restrictions, tariffs, and subsidies, with only enough regulations to protect property rights.

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LAISSEZ FAIRE

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An economic system in which trade, industry, and the means of production are controlled by private owners with the goal of making profits.

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CAPITALISM

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the "father of modern economics" and creator of capitalism.

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ADAM SMITH

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a German philosopher, economist, and creator of socialism.

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KARL MARX

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an economic system characterized by social ownership of the means of production and government management of the economy

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SOCIALISM

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a socioeconomic system structured upon common ownership of the means of production and characterized by the absence of classes, money, and the state;

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COMMUNISM