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Lecture 10

HST 111 Lecture Notes - Lecture 10: Glossary Of Patience Terms, Botulinum Toxin, Thomas Newcomen

Course Code
HST 111
John Morgan

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Older system that proves inadequate. New systems don’t push out old
systems if old system is still adequate.
Change in commercial revolution, at a matter level. Ways in which nation
organize their commerce, particularly international commerce.
Dominant system existed in Europe known as mercantilism emphasizes
direct government intervention in modern economy. Government took
direct control over regulations of commerce.
Mercantilists believe wealth of society depend on capable wealth. How
much botulin they stock pile. Limited amount of wealth available. Not the
same understanding of expanding economy. The purpose of each nation
was to expand its market share of global wealth and does this by competing
more efficient and effective with other nations.
1) Maximize exports and reduce imports to greatest extent as possible.
Encouragement internally import goods. Discouragement to buy products
in other countries, which raise final price you pay. You can regulate market
through either small or large custom duty.
They used export duties. Control trade through subsidies with
manufactures. Encourage labour move around the country.
By late 17th century, we see changes in attitude. Not seeing more as a
threat but economic opportunity. The real strength of economy is the size
of population and quality of population (education and work trading). We
see new ideas what constitutes the wealth and potential wealth of society.

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As countries start to produce surpluses, that meant countries that had to
import grain like Britain are actually consistently producing surplus. When
there was shortage of grain in England, you put high export duties on it.
Surplus take away export duty. (expand economy for more money)
England pass navigation acts, which say who could import goods in England,
restrictive by nationality. English people had extra rights in terms of
importing and exporting goods.
Laws about nationality of the ships that bring goods in England and
exporting out of England. Dutch was good at this. Carrying trade (Europe
wine producer). Dutch made enormous amount of money from carrying
English pass laws that most stuff coming into England need to come from
English ships and English crews. (control trade)
Colonies were seem to be an important role in mercantilism. Colonies could
absorb excess population from home countries. Colonies produce great
number of raw materials and if you can get them from your colony, you can
get them more cheaply on open markets. Colonies were required to
purchase goods from colonizing countries. They produce raw material for
colonizing country in Europe and absorb goods. Colonies cannot buy
directly from any other country.
Competition between mare liberium (open seas) and mare clausium (close
Benefit those who are already thriving. If you have good domestic
manufacture and colonies, you will do well under system of mercantilism.
Difficulty of competition systems of wealth production and international
trade if you lack the necessities for the capitalist system.

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Purpose of wealth is to produce more wealth. Wealth must expand to
produce more wealth. CAPITALISM****
Nation states did not want to invest all their monies in their treasuries.
Joint-stock companies: monarch themselves buy into these things.
Elizabeth I was investor in companies that funded in military voids. People
bought shares and limited liability exercises. Laws can change and open up
liability of regulations. People did not need to know about the venture, you
had no connection with process of production, trade, etc… YOU ARE AN
Shares take on sliding value. Value of share is completely independent to
the value of the goods being produced and sold by the company.
Separation of value of company itself from people expectation. Joint-stock
companies offer opportunities to people who were seeking little bit of
By 18th century, we see “bubbles”. Certain particular of goods get inflated
in their values. People think values of goods would increase and value of
shares would continue to go up. The first “bubble” was tulips.
Tulips were popular plant and people invested in tulips. These shares burst
and became worthless.
These things get out control nonetheless, these companies open up hole in
control governments exerted in economy though acts of parliaments and
forces. Allowed people to make money and allow opportunities to develop
in areas which government did not care about.
People turn to investing wealth in areas they had no expertise in.
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