Regents Prep: Global History & Geography: Vocabulary

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Economic Systems Vocabulary List

Abbassid Dynasty : (750 - 1258) Ruling family of the Islamic Empire during its golden age. This dynasty is responsible for many achievements Age of Exploration : Time period during the 15th and 16th centuries when Europeans searched for new sources of wealth and for easier trade routes to China and India. Resulted in the discovery of North and South America by the Europeans. agriculture : The cultivating of land, producing of crops, and raising of livestock for human consumption. Allied Powers : Alliance of Great Britain, Soviet Union, United States, and France during World War II. American Revolution : Political revolution in the British North American Colonies starting in 1776 that removed the colonies from Great Britain’s control, and established an independent nation know as the United States of America. arable : Land that is able to support the growing of crops. Aztecs : A Mesoamerican civilization of Mexico who created a strong empire that flourished between the 14th and 15th century. The arrival of Hernando Cortez and the Spanish Conquistadores ended their empire. balance of power : A political policy in which countries attempt to preserve peace by keeping an equal military and economic status. bank : A business that exchanges currencies, makes loans, and keeps the money of individual depositors. barter : The exchange of goods or services for other goods or services. BCE : Date designation meaning Before Common Era, or more than two thousand years ago. bill of exchange : A document purchased from a bank that allowed a person to travel without having to carry large amounts of money. Worked like a modern check. capital : Money that is used for investment. capitalism : An economic system based on the private ownership of the means of production and distribution of goods. Also promotes a free market regulated by supply and demand. Cash Crop Economy : An economic system based on the exportation of certain crops such as sugar, cotton, and coffee. Cavalry : Mounted warriors. centralized government : A government which controls all aspects of society from a central location or through a central system. chinampas : floating islands of land anchored to a lake bottom used for agriculture. This technique was used by the Aztecs. civilization : A society that has a high level of culture and social organization including organized government, job specialization, and a organized belief system. Cold War : Non shooting conflict between the Soviet Union and their allies and the United States and their allies. Numerous secondary conflicts arise due to the Cold War. collective farm : A government owned farms where peasants work on a quota system. colonization : A group of people moving from their homeland to a new area in large numbers. Columbian Exchange : The exchange of goods and other things, such as disease from the Old World (Europe) to the new World (North and South America) and back. Command Economy : An economic system controlled by strong, centralized government, which usually focuses on industrial goods. With little attention paid to agriculture and consumer goods. Commercial Revolution : A dramatic change in the economy of Europe at the end of the Middle Ages. It is characterized by an increase in towns and trade, the use of banks and credit, and the establishment of guilds to regulate quality and price. commune : A government owned farms where peasants work on a quota system. communism : A system of government in which a single, totalitarian, party holds power. It is characterized by state control of the economy, and restriction on personal freedoms. It was first proposed by Karl Marx and Friedrich Engels in The Communist Manifesto. constitution : A document detailing the fundamental laws of a country or organization. corporation : A company with business dealings in many different areas. craftsman : A person who makes quality, practical or decorative goods. Crusades : European Christian military expeditions made between the 11th and 13th centuries to retake the Middle Eastern Holy Lands occupied by the Muslims. cultural diffusion : The spreading of ideas through contact such as trade or war. Czar : Title of the ruler of Russia. Taken from the word Caesar, which means emperor. Czar Nicholas II : (1868-1918) Czar of Russia (1894-1917). He was overthrown during the Russian Revolution of 1917. Later, he and his family were killed by the revolution’s leadership. democracy : A system of government in which the citizens hold the legislative, judicial, and executive power, based on majority rule. Deng Xiaoping : (1904-1997) Chinese Communist leader. Ruled from 1978 until 1997. developing nations : Nations that are economically and technologically less developed than industrialized nations. domesticate : To tame an animal to live with, or close to humans. empire : 1. A collection of nations or peoples ruled by a single authority, usually a monarch, but can be other systems of government as well. 2. A very large and powerful industrial organization Enlightenment : A movement in the 18th century that stressed the importance of reason and science in philosophy and the study of human society. Occurred in Western Europe. Estates : Class 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 General : The 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 Union : Economic 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. export : The sending of goods to another country for sale or trade. factory : A central location where goods are manufactured on a large scale. famine : Widespread hunger caused by the near complete lack of food. fertilizers : A 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. Feudalism : A social, political, and economic system that dominated all aspects of medieval European life. Five Year Plans : Stalin'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 Modernizations : An 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 Revolution : Political 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. fundamental : Affecting the underlying principles or structure of something. Ghana : One of the west African Trading Kingdoms. They were rich in gold and established a vast trading network across the Sahara desert. golden age : A time in a culture of high achievement in arts, literature, and science. Generally occurs in times of peace. government : a 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 Forward : The 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 Land : Term given to lands in present day Israel that is significant to Judaism, Christianity, and Islam. hunting and gathering : System of food production for prehistoric peoples. Involves hunting animals and gathering foods grown in the wild. Imperialism : The complete control of a weaker nation’s social, economic, and political life by a stronger nation. Inca : A Mesoamerican civilization of South America, centered in Peru. The Inca ruled a large empire and had many cultural and scientific achievements including an elaborate road system, architecture, and terrace farming. The arrival of the Spanish Conquistadores ended their empire in the 15th century. Industrial Revolution : In the second half of the 19th century, it was the fundamental change in the way goods were produced through the use of machines, capital, and the centralization of work forces in factories. It completely altered the social, economic, and political structure of most of Europe, Japan, and the United States. inflation : The raising of prices on consumer goods due to an increase in the money supply. insurance : Financial protection on property or people against loss, theft, or death. interdependence : Mutual assistance or reliance between two or more parties. International Monetary Fund : An international organization established to promote monetary cooperation, exchange stability, and economic growth. The IMF also works to lower unemployment and help countries in debt manage their finances. irrigation : A system to bring water to support crops. Islam : The word Islam, which when translated from Arabic, means "to submit to the will of Allah," is the youngest of the world's major religions. Worshippers of this monotheistic religion are known as Muslims, which means "one who submits to the will of Allah." The Islamic holy book is called the Qur’an. Islam is currently the second most practiced religion in the world, and experts predict that it will overtake Christianity as the most popular religion in the world sometime during the 21st century. joint stock company : A company that sells shares to investors who share in the profits and losses. Laissez-Faire Economics : This was an economic philosophy begun by Adam Smith in his book, Wealth of Nations, that stated that business and the economy would run best with no interference from the government. This economic system dominated most of the Industrial Revolution. Latin America : The Geopolitical designation for Central and South America and the Caribbean Islands which were settled by the Spanish. Latin American Revolutions : Political revolutions in various Latin American countries beginning in the late 18th century. These revolutions were aimed at overthrowing the European powers that controlled these nations. Many were successful, but few achieved the success of the American Revolution. legislative : Relating to a system that makes laws. Lenin, Vladimir : (1870-1924) Russian revolutionary leader and political theorist. He was the first leader of the new communist government of Soviet Russia. Later, he was also the first leader of the Soviet Union, which was composed of most of the republics of the former Russian Empire. Long March : March the Mao Zedong and his Communist Party underwent to avoid being captured and killed by China’s Nationalist Party. Louis XVI : (1754-1793) King of France between 1774 and 1792. He was overthrown during the French Revolution and later beheaded. Mali : One of the west African Trading Kingdoms. They were rich in gold and established a vast trading network across the Sahara desert. Greatest ruler was Mansa Musa, who converted to Islam and made a famous pilgrimage. manorialism : Economic portion of feudalism where all aspects of life were centered on the lord’s manor including peasant villages, a church, farm land, a mill, and the lord's castle or manor house. market economy : An economy based on free trade and supply and demand. Marshall Plan : Economic aid from the United States used to rebuild Europe after World War II. Named after United States Secretary of State George Marshall. mass production : The manufacturing of products on a large scale, usually through the use of machines. Mayans : A Mesoamerican civilization of Central America and southern Mexico. Achievements include mathematics, architecture, and a 365 day a year calendar. They flourished between the 4th and 12th centuries C.E.. mercantilism : The policy of building a nation's wealth by exporting more goods than it imports. Colonies are instrumental in this policy as they supply their parent nations with raw materials that are used to produce finished goods, and then exported back to the colonies. Colonies not only served as a source for the raw materials, but also as an exclusive market for the parent country. merchant : A person who sells goods or services. A member of the middle class in most societies. Mesoamerican : A region of Central America, Mexico, and South America where several pre-Columbian civilizations lived including the Maya, Inca, and Aztecs. Middle Ages : Time period in European history between the fall of Rome in 476 C.E. and the beginning of the Italian Renaissance in the early 15th century. middle class : Social and economic class usually composed of merchants, artisans, and business people. In some societies, the richest class, but without a title of nobility. The middle class is usually the backbone of society as they are generally more moderate in their economic, social, and political habits. Middle East : Geo-Political designation of the area stretching from the eastern Mediterranean Sea to the western side of the Indian subcontinent. Consists of countries such as Israel, Iran, Iraq, Saudi Arabia, and Egypt. migration : The mass movement of people from one area to another. military : The armed forces of a nation. mixed economy : An economic system which is a combination of Market and Command economic systems where market forces control most consumer goods, but government directs industry in need areas. Neolithic Age : (10,000 BCE - 5000 BCE) New Stone Age. A period of time in human history characterized by the development of agriculture and permanent settlements. Neolithic Revolution : (10,000 - 8,000 BCE) The development of agriculture and the domestication of animals as a food source. This led to the development of permanent settlements and the start of civilization. New Economic Policy : An economic policy of Vladimir Lenin’s in the Soviet Union where government controlled most banks and industry, but did allow some private ownership. New Imperialism : A policy of economic, political, and social of one country by another. Industrialized countries sought control of other countries for raw materials and new markets. nomad : A person who belongs to a group of people who move from place to place seasonally in search of food and water. Old Imperialism : A European policy of conquest that occurs in the 15th through 18th centuries in Africa, India, the Americas, and parts of Asia The motives were the same for most areas, the establishment of lucrative trade routes. Various European countries dominated these trades routes and one time or another, and a some countries, such as Great Britain and Spain, came to dominate entire countries. Ottoman Empire : Hereditary nation state centered in Turkey. It was founded in the late 13th century after the collapse of the Byzantine Empire and extended across most of Asia Minor and the Middle East. The Ottoman Empire collapsed shortly after World War II. Paleolithic Age : (750,000 BCE - 10,000 B.C.E.) Old Stone Age. A period of time in human history characterized by the use of stone tools and the use of hunting and gathering as a food source. partnership : The cooperative relationship between two or more people who are involved in the same activity. peninsula : An area of land surrounded on three sides by water. Italy, Greece, and the southern part of India are all peninsulas. philosophy : A system of thought devoted to the examination of ideas such as truth, existence, reality, causality, religion, and freedom priest : A spiritual leader in a variety of religions. property : Something of value that is owned by a person. raw materials : Various materials found in nature used in manufacturing such as wood, coal, and oil. relay runners : The passing of information through a series of runners. Renaissance : A rebirth of cultural and intellectual pursuits after the stagnation of the Middle Ages. This period in European history, from about the 14th through 16th centuries, features major cultural and artistic change. representative democracy : A system of government where the legislative, judicial, and executive powers are held by directly or indirectly elected officials. republic : A political system in which a country is ruled by law, has representative government, and is democratic in nature. revolution : a dramatic change in ideas, practice, or government. rigid social class system : A social class system where there is no mobility. A person remains in the same class their entire life. sanitation : Services including the collection and disposal of sewage and garbage. serfs : Farmers who were tied to the land during European feudalism. They were not slaves because they could not be bought or sold, but they could not readily leave the manor either. Serfs were given land to farm in exchange for service to their lord. This service usually involved working the lord's fields, maintaining roads and the manor, and providing military service in times of war. Serfs paid taxes to their lord in the form of crops. This is also how the paid the fee to use the manor's mill or other services. Silk Road : Trade route from China to the Middle East. Called the Silk Road due to China’s most important export. slave : A person forced to work for another with no payment or freedom to seek work elsewhere. A slave can be bought and sold. slave trade : The buying and selling of people for the purposes of slavery. slavery : A system of forced labor. Smith, Adam : (1723-1790) British philosopher, writer, and economist. His book, The Wealth of Nations, describes his theory on free trade, otherwise known as laissez-faire economics. social class : A group of people within a society who share the same social, political, and economic status. Songhai : One of the west African Trading Kingdoms. They were rich in gold and established a vast trading network across the Sahara desert. Soviet Union (U.S.S.R.) : Union of Soviet Socialist Republics (USSR) Formed in 1922 from most of the former Russian Empire. The Soviet Union was controlled by the Communist Party headquarter in Moscow, Russia. The Soviet Union was a world superpower along with the United States, and was one of the two major antagonist during the Cold War. Stalin, Josef : (1879-1953) The General Secretary of the Soviet Communist Party from 1922 until 1953. Known for his brutality in dealing with opponents and his failed policies of collectivism that caused widespread famine across the Soviet Union. starvation : The process of dying due to lack of food. Stock Market Crash : (1929)The steep fall in the prices of stocks due to widespread financial panic. It was caused by stock brokers who called in the loans they had made to stock investors. This caused stock prices to fall, and many people lost their entire life savings as many financial institutions went bankrupt. stockholder : A person holding ownership of part of a company or business venture. superpowers : Term given to the United States and the Soviet Union during the Cold War. tariff : A tax on imports. terrace farming : The cutting out of flat areas (terraces) into near vertical slopes to allow farming. Terrace farms appears as steps cut into a mountainside. This adaptation allowed both the early Chinese, and the Inca of Mesoamerica to grow enough food for their large populations. trade : The exchange of goods or service between people. trade fair : A gathering of merchants, craftsmen, and artisans to buy and sell goods and service during late Middle Ages. tradition : A long-established custom or belief. traditional economy : An economy based on agriculture, with others in society working in simple crafts, such as the manufacturing of cloth or pottery. Triangle Trade : A catch all phrase for the trade occurring between Europe, Africa, and the Americas. Trade goods include raw materials from the Americas, manufactured goods from Europe, and slaves from Africa. urbanization : The movement of people to urban areas in search of work. Wealth of Nations : British philosopher and writer Adam Smith‘s 1776 book that described his theory on free trade, otherwise known as laissez-faire economics. working class : Lowest class in most social class systems, including factory workers, miners, and others. World War I : (1914 – 1918) European war in which an alliance including Great Britain, France, Russia, Italy, and the United States defeated the alliance of Germany, Austria-Hungary, Turkey, and Bulgaria. World War II : (1939 – 1945) A war fought in Europe, Africa and Asia between the Allied Powers of Great Britain, France, the Soviet Union, and the United States against the Axis Powers of Germany, Italy, and Japan.