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Global Studies Vocab - Economic Systems - Set 3

AB
EstatesClass system in France before the French Revolution. There were three Estates, First Estate was Clergy, Second was Nobility, and Third was peasants, merchants, and townspeople
Estates GeneralThe legislative body of France. Composed of representatives from the three estates which are Clergy in the First Estate, Nobles in the Second Estate, and peasants in the Third Estate. Each Estate is entitled to one vote on legislative matters. The Estates General was never as strong as the British Parliament of the American Congress.
European Community/European UnionEconomic union between countries in Europe for mutual gain. Originally formed in 1951 as the European Coal and Steel Community (ECSC), it later became the European Community in 1967, then the European Union in 1991.
exportThe sending of goods to another country for sale or trade
factoryA central location where goods are manufactured on a large scale.
famineWidespread hunger caused by the near complete lack of food.
fertilizersA substance spread onto soil to increase its ability to support crops. Fertilizers include organic materials, such as manure, but can also be man made chemicals such as nitrates.
FeudalismA social, political, and economic system that dominated all aspects of medieval European life.
Five Year PlansStalin's economic policy to rebuild the Soviet economy after World War II. Included massive industrialization and farm collectivization, where peasants lived collectively on government owned farms, often resulted in widespread famine as many peasants resisted this policy.
Four ModernizationsAn economic and social program that called for limited privatization of agriculture and industry, encouraged foreign investment and foreign trade, and resulted in a boost for the Chinese economy. Unlike the Great Leap Forward, the Four Modernizations was an economic success.
French RevolutionPolitical revolution in France starting in 1789 that brought about many changes in France. The revolution ultimately ended with a dictatorship under Napoleon Bonaparte before his defeat by the combined powers of Europe.
fundamentalAffecting the underlying principles or structure of something.
GhanaOne of the west African Trading Kingdoms. They were rich in gold and established a vast trading network across the Sahara desert.
golden ageA time in a culture of high achievement in arts, literature, and science. Generally occurs in times of peace.
governmenta person or body of people who have the power to make and enforce laws for a country or area.
Great Depression(1929-1939) The dramatic decline in the world’s economy due to the United State’s stock market crash of 1929, the overproduction of goods from World War I, and decline in the need for raw materials from non industrialized nations. Results in millions of people losing their jobs as banks and businesses closed around the world. Many people were reduced to homelessness, and had to rely on government sponsored soup kitchens to eat. World trade also declined as many countries imposed protective tariffs in an attempt to restore their economies.
Great Leap ForwardThe economic program designed to increase farm and industrial output though the creation of communes. Communes are similar to Soviet collectives in that groups of people live and work together on government owned farms and in government owned industry.
guild :An association of merchants or craftspeople in medieval Europe, formed to make regulations and set standards for a particular trade or craft.
Holy LandTerm given to lands in present day Israel that is significant to Judaism, Christianity, and Islam.
hunting and gatheringSystem of food production for prehistoric peoples. Involves hunting animals and gathering foods grown in the wild.


Mrs. Austro

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