| A | B |
|---|
| laissez faire | economic policy of letting industry set working conditions without interference |
| Adam Smith | believed economic liberty led to economic progress, government should not intervene |
| capitalism | system in which factors of production are privately owned; money is invested for profit |
| utilitarianism | ideas, institutions, actions should be judged only on their usefulness |
| John Stuart Mill | favored regulations to help workers, eliminate great differences in wealth |
| socialism | factors of production are publicly owned for the benefit of all |
| socialism grew out of these ideas | optimistic view of humn nature, belief in progress, concern for social justice |
| Marxism, radical socialism | predicted that inequality would cause workers to revolt and overthrow owners |
| Karl Marx and Friederich Engels | wrote the Communist Manifesto |
| communism | all means of production owned publicly, no private property |
| unions | labor associations that negotiate with employers about pay and working conditions |
| proletariat | working class; in conflict with the bourgeoisie acccording to Marx |
| reform laws | laws that limited the abuse of workers by employers |
| strike | action by unions to stop work when the owners refuse workers' demands |
| reform movements of the 1800s | various movements: abolish slavery, women's rights, public school education |
| Jane Adams | American social reformer; founded Hull House |
