Identify and State the Historical Significance of the Following

question 46

Short Answer

Identify and state the historical significance of the following:
-Robert Owen

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Definitions:

Liberty Of Contract

A judicial concept of the late nineteenth and early twentieth centuries whereby the courts overturned laws regulating labor conditions as violations of the economic freedom of both employers and employees.

Socioeconomic Groups

Categories of people sharing similar levels of wealth, income, education, and occupational status, impacting their social and economic experiences.

Business Classes

Groups in society involved in the creation, management, and operation of businesses, often considered in terms of socioeconomic status, influence, and roles in the economy.

Bonanza Farms

Large farms that covered thousands of acres and employed hundreds of wage laborers in the West in the late nineteenth century.