Between 1760 and 1840, extraordinary changes took place in Britain. New sources of energy allowed machines to replace the muscle power of humans and animals. We call this period of change the Industrial Revolution.
an economic system based on state ownership of capital
The demand for workers' rights and better working conditions inspired a new economic ideal called socialism. Under socialism, the workers, rather than private individuals, would own the farms, factories, and other businesses that produce and distribute goods.
the threat of force by a nation to achieve its goals
Western powers often resorted to this kind of gunboat diplomacy—threatening to use firepower to gain concessions—when they could not get what they wanted.
control of all aspects of a product's production by one firm
Corporations began to practice what was called vertical integration—buying up companies that supplied them in order to trim costs and keep their prices low.