Key Concepts of the Industrial Revolution & European Imperialism

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Industrial Revolution

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A period of major industrialization and innovation that began in the late 18th century and transformed economies from agrarian to industrial.

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Manufacturing

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The process of converting raw materials into finished goods through the use of tools and processes.

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Invisible Hand (Adam Smith)

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A metaphor for the unseen forces that move the free market economy, introduced by Adam Smith.

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Free Enterprise

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An economic system where private businesses operate in competition and largely free of state control.

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Textiles

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Types of cloth or woven fabric, a major industry during the Industrial Revolution.

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Factory System

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A method of manufacturing using machinery and division of labor, characteristic of the Industrial Revolution.

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Raw Materials

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The basic material from which products are made, essential for manufacturing.

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Steam Engine

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A heat engine that performs mechanical work using steam as its working fluid, crucial during the Industrial Revolution.

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Communism (Karl Marx)

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A political and economic ideology advocating for a classless society and communal ownership of production, developed by Karl Marx.

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Laissez-faire

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An economic philosophy of free-market capitalism that opposes government intervention.