World History notes 6.03.docx - Political and Economic...

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Political and Economic IdeologiesWhat id an Ideology?Ideologyis the set of ideas on the basis of economic or political theory. This set of ideas includes a cluster of somewhat inflexible beliefs that serve as a lens through which a person sees the world. The Industrial Revolution brought with it economic and social changes. Within a very short period of time, machines became the main vehicle for the production of goods. The factory system vastly multiplied the number of products that could be manufactured and sold.Steam power led to a revolution in transportation. Huge fortunes were made in textiles and other industries. Small towns and cities grew into great urban centers and a large middle Socio-economic “ income and social position considered as a single faction to measure a family or an individual’s status in a community” class came to be.But at the same time, urbanization brought problems. Governments did little to regulate the industry or define the rights of workers. People debated whether all these changes were good or bad for society. It is against this background that the three political and economic ideologies emerged.What is Capitalism?In a capitalist economy, the means of production, such as factories and machines, are mostly or entirely in private hands. Business owners, such as factory owners, hope to make a profit on their investment. In a cycle, profits are often reinvested in the business to advance economic growth. The marketplace, or free market, is at the heart of the capitalist theory.

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