What happened to farmers in the Industrial Revolution?
Became tenants or moved to cities
What 3 factors drove the Industrial Revolution?
land, labor, and capital
What was the main cause of urbanization?
Industrialization
How did aristocrats view wealthy capitalists?
They looked down on them.
What did Britain do to keep industrial secrets for the US?
They forbade engineers, toolmakers and mechanics travel to the US.
What's the benefit of being a stockholder (besides making profits)?
They are not responsible for a company's debts.
What is laissez-faire economics?
The belief that the government should not be involved in economic decisions.
What do we call voluntary organizations for seeking labor reforms?
Unions
Which region of the US was the first to industrialize?
The Northeast
What natural resource did Britain have in abundance that made the Industrial Revolution possible?
Coal
Which institution did abolitionists seek to abolish?
Slavery
Who was the world's first economist?
Adam Smith
Who wrote The Wealth of Nations?'
Adam Smith
Who wrote "The Communist Manifesto?"
Karl Marx
What is the philosophy that government should pursue policies that produce that greatest good for the greatest number of people?
Utilitarianism
What is the primary tool of unions?
Strikes
