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The rapid industrial growth that began in England during the middle of the eighteenth century and then spread over the next 50 years to many other countries, including the United States.
the system of manufacturing that began in the 18th century with the development of the power loom and the steam engine and is based on concentration of industry into large establishments or factories.
the production of large amounts of standardized products, including and especially on assembly lines.
British engineer and inventor who patented a much improved version of the steam engine (1769) and devised the unit of horsepower. The watt unit of power is named for him.
the process by which towns and cities are formed and become larger as more and more people begin living and working in central areas.
founder of modern communism; wrote the Communist Manifesto with David Engels in 1848
an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.
a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state
Wrote the book Wealth of Nations which defined capitalism; argued that if individuals freely followed heir own self-interest, the world would be an orderly and progressive place; developed the invisible hand theory
"Invisible Hand" theory
A term used by Adam Smith to describe his belief that individuals seeking their economic self-interest actually benefit society more than they would if they tried to benefit society directly.
a run-down and often overcrowded apartment house, especially in a poor section of a large city.