- laissez faire- An economic policy of letting owners of industry and business set working conditions without interference.
- • Adam Smith- A professor at the University of Glasgow, Scotland, who defended the idea of a free economy, or free markets.
- • capitalism- An economic system in which money is invested in business ventures with the goal of making a profit.
- • utilitarianism- A philosophy in which people should judge ideas, institutions, and actions on the basis of their utility, or usefulness.
- • socialism-An economic system in which the factors of production are owned by the public and operate for the welfare of all.
- • Karl Marx- A German journalist who introduced the world to a radical type of socialism called Marxism.
- • communism- A form of complete socialism in which the means of production—all land, mines, factories, railroads, and businesses—would be owned by the people.
- • union- Voluntary associations and workers join to press for reform.
- • collective bargaining-
factory workers had to work for long hours under dangerous working conditions and had to worry about being laid off. These working conditions caused many people in the 1800s to actively be a past of politics. People joined unions in order to push for reforms to be made. Unions would participate in collective bargaining, a negotiation between workers and employer, in order to get better working conditions and higher wages. If these demands were refused by the employer, then the workers wouldnt go to work or go on strike.