Dialectical Materialism Karl Marx's application of Hegel's dialectical method to an explanation of all world events.
Economic Activity All action concerned with the creation of goods and services to be in some way consumed.
Economic Imperialism The economic and/or political domination of underdeveloped countries by powerful nations. The period between 1870 and 1914 is known as Europe's "Golden Age of Imperialism."
The Economic Revolution The development of historical factors which culminated in the adoption of the market system (capitalism).
Economic System The rules, laws, customs, and principles which govern the operation of an economy. Each economic system has its own peculiar problems and therefore produces its own solutions.
Economics The study of the ways in which people make a living; the study of human wants and their satisfaction; the science of production, distribution, and consumption of goods and services.
The Emergence of Nation-States (l5th–l7th centuries) — a period giving rise to royal patronage for favored industries, maritime trade, common laws, standard measures, and common currencies.
Enclosure Movement The practice of fencing off lands formerly subject to common rights in order to provide pasture land for sheep. This movement caused a shift of the poor in England from farms to cities.
Entrepreneur A risk-taker, or innovator, in the business world.
Father of Anarchism Pierre Proudhon.
Father of Modern Economics Adam Smith.
Founder of British Socialism Robert Owen.
Founder of French Socialism Saint-Simon.
Francois Quesnay (1694-1774) French economist who founded the school of Physiocrats and greatly influenced Adam Smith.
Functional Distribution The division of income according to different types . . . wages rent, interest, profit.
