Industrial Revolution/Meiji Revolution

Industrialization

• The process of transforming the economy of a nation or region from a focus on agriculture to a reliance on manufacturing.

• A method of increasing agricultural output through advanced techniques.

• The transition from a manufacturing-based economy to a service-oriented economy.

• A strategy for reducing industrial pollution and promoting sustainability.

Factory System

• Period when handmade goods began to be replaced by machine made goods in factories.

• A method of production that relies solely on human labor.

• A system where goods are produced in small workshops.

• An economic model that emphasizes agricultural production.

Enclosure Movement

• Using fencing to remove small strip farms of peasants and to create larger fields for greater production.

• A policy to increase the number of small farms by dividing larger estates.

• A movement to promote communal farming practices among peasants.

• An initiative to restrict land ownership to the nobility.

Adam Smith

• Known as the father of Capitalism and also the author of “The Wealth of Nations.”

• A famous economist known for his work on socialism.

• An influential philosopher who wrote about ethics and morality.

• A political leader during the American Revolution.

Capitalism

• Economic system based on private ownership of business, driven by profit motive/supply/demand.

• Economic system where the government controls all production and distribution.

• Economic system based on communal ownership and equal distribution of resources.

• Economic system that prioritizes barter and trade over currency.

Socialism

• Economic theory that focuses on the needs of the group as a whole rather than the needs of an individual.

• A political system where the government controls all aspects of life.

• An economic system based on private ownership and free markets.

• A theory that promotes individualism and personal freedom.

Feudalism

• A system where land was owned by the government and distributed to citizens.

• A social system where people were given land and protection by those of higher rank, and worked and fought for them in return.

• A form of government where all power is held by a single ruler.

• A trade system where goods were exchanged without the use of money.

Karl Marx/Frederich Engels

• Theorized about a workers revolution which would lead to a classless society. Wrote “The Communist Manifesto.”

• Developed the theory of evolution and wrote 'On the Origin of Species.'

• Proposed the idea of a social contract and wrote 'The Social Contract.'

• Introduced the concept of utilitarianism and wrote 'Utilitarianism.'

Meiji Restoration

• 1868-1912 - Ended Japanese isolation and modernized Japan.

• 1600-1868 - Established the Tokugawa shogunate.

• 1945-1952 - Occupation of Japan by Allied forces.

• 1853-1868 - Initiated the opening of Japan to the West.

Capital

• The resources required to start a business, including money, machines, and buildings.

• A type of interest paid on loans.

• The total value of a company's assets minus its liabilities.

• A government grant for small businesses.