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Jack Leach (26)

Econ3r03-Feb 4.docx

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McMaster University
Jack Leach

Feb 4, 2013 Econ 3R03 Property rights are very influential Property rights not very well established Peasants had basically no property rights They didn’t have property rights over their own labour Labour was badly allocated at that time Property right- you get to keep what you earn Property rights not fully established in Europe at this time Today’s lecture- establishment of property rights, and how taxation assisted in setting up those property rights Constant warfare going on- establishing nation states- taking smaller kingdoms and incorporating into yours Religious strife You couldn’t say there were good or bad guys in this period of time Both churches were oppressive when they wanted to be These strives continued for a long time Treaty of Westphalia- to end war To end strife between Protists and Catholics Initially, thirty years war was a religious war and then overtime carried onto royal conflict Eighty years war- If prince didn’t establish religion for their state then both religions would be practiced in the state Period of time where there is immense strife Europe: 1400-1700 As manors broke down, workers became free Land became increasingly property Heavily circumscribed by customary law, now people can buy and sell land and own it Capital markets highly inefficient- laws of high charges on loans Markets manufactured goods were dominated by guilds- set out the rules for setting out for commodities, they had huge power, they would tell you how to make goods Still in a situation where property rights are being established, but still not there If king needed cash and u had cash, you were in trouble In some cases, property rights were not established, these places would be called economic backwaters, in terms of economic development, and they were losers Places like England and Netherlands, property rights, and these places would be become economic winners Netherlands was extremely wealthy Netherlands and England had well established property rights If they didn’t have to concede, they didn’t have to develop anything If concede, they did France - France was an easy place to force king to allow greater property rights - With the death of Charles, there were a lot of people who could become king - King in very weak position - Along came England and they attacked Orleans - This changed the French - Merchants and land owners fearing great disorder - This is in
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