| A | B |
|---|
| Mercantilism | economic theory that a country's power is based on its wealth |
| Commercial Revolution | Change in economic practices from 1500 to 1700 |
| exports | goods sold to another country |
| imports | goods bought from another country |
| balance of trade | # of imports v. # of exports |
| Henry Bessemer | incentor of beter process for making steel |
| Edward Jenner | developed vaccination |
| Eli Whitney | inventor of cotton gin |
| Louis Pasteur | Discovered Bacteria and a way to guard against it (pasteurization) |
| Industrial Revolution | 1750-1860 dramatic inrease in manufactured goods |
| Capitalism | economic theory based on open competition and free enterprise |
| Socialism | government owns some aspects of the economy and rules in the interes of the people |
| Communism | extreme socialism, the government owns all aspects of industry |
| "Laissez-Faire" | "leave alone" idea that the government should not get involved in the economy |
| Karl Marx | author of Communist Manifesto, the founder of communism |
| Adam Smith | Author of the Wealth of Nations...defending capitalism |
| Cottaage industries | work done in the home |
| enclosure movement | practice of converting common land to private fields |
| Labor Unions | organization that spoke for members of same trade/job |
| Collective bargaining | negotiations between labor unions and management for wages and conditions |
| suffrage | right to vote |
| Imperialism | policy of conquering and ruling other lands for the enefit of a mother country |
| Colony | a land settled and ruled by a foreign government to benefit the mother country |
| Protectorate | a country that has its government controlled by a foreign country but is allowed to have its local leader keep their title |
| Sphere of Influence | a land that is dominated by, but not directly controlled by a foreign government |
| Suez Canal | waterway linking the Mediterranean and Red Sea. It was very important to European powers such as Britain |
| British East India Company | British Company that dominated India from 1750 to 1850 |
| Sepoy Rebellion | Rebellion against British East India Company led by Indian Soldiers who had previously fought for the British |
| Boxer Rebellion | uprising of Chinese Peasants designed to rid China of foreigners. It failed, resulting in a larger european presence in China. |
| Matthew Perry | American admiral who forced Japan to open its ports to trade |
| Meiji Period | time period where Japan ended its policy of isolationism and became industrialized and modern |
| Russo-Japanese War | war betweem Russia and Japan that established Japan as a world power |
| James Hargreaves | inventor of the spinning Jenny |
| "White Man's Burden" | poem by Rudyard Kipling that expressed racist ideas about the European's superiority over the Africans |
| Frederich Engels | Communist author who co-wrote the Communist manifesto with Karl Marx. |
