Progress and Poverty

For George, capital is “wealth devoted to a certain purpose” (41), “wealth devoted to procuring more wealth” (36), and “wealth in course of exchange” (46). George believes that it is private land ownership, and not the mismanagement of capital, that is the leading cause of Unequal Wealth Distribution in Industrialized Societies.

The Industrial Revolution was the social transformation from artisanal crafts to mass-scale production facilitated by technological advancements. In Europe and North America, the Industrial Revolution occurred in two waves: between 1760 and 1840 and from 1870 until 1914.

Jeffersonian Democracy is named after Thomas Jefferson and refers to an ideal form of democracy, in the American view, based on republicanism, liberty, and virtue.