ECON 3R03 Lecture : Econ3r03-Feb 4.docx
5 Mar 2013
School
Department
Course
Professor
Document Summary
They didn"t have property rights over their own labour. 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. You couldn"t say there were good or bad guys in this period of time. Both churches were oppressive when they wanted to be. Initially, thirty years war was a religious war and then overtime carried onto royal conflict. 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. 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.
