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Lecture 4

IDSB01H3 Lecture Notes - Lecture 4: John Stuart Mill, Free Trade, Corn Laws


Department
International Development Studies
Course Code
IDSB01H3
Professor
Ryan Isakson
Lecture
4

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IDSB01 Lecture 4 Jan 29, 2014
Gavin Fridell: “Alternative Trade: Legacies for the Future” – Jan 31, 12-2pm UTSG 19
Russell street room AP246
The Birth of Capitalism & Classical Political Economy
Emergence of Capitalism
Does the European experience offer lessons for the global South?
1500-1700 – “birth” of capitalism
Markets for Labour power (humans’ capacity to work)
Means of production (capital) are bought and sold in the market, as well
Markets are a prerequisite to capitalism but they’re not in themselves capitalism
oEx. slavery was done through a market, however that isn’t capitalism
oEx. State enterprises buying and selling products within a market -> not
Capitalism, but Socialism
Capitalism – a capitalist system
Key Moments in the Emergence of Capitalism
Improvement in agricultural technology
oDuring the middle ages the prominent form of agricultural production was a 2
crop rotation.
oDevised a 3 crop rotation system  increased production by 50%
oNew crops: oats, peas, one of those fixed nitrogen into the soil
Growth of long distance trade
oExpansion of trade  establishment of towns
oIncrease in food production allowed for less people to work the land, more people
could engage in artisan production, things that could be exchanged
oContributed to formation of towns, centres of productions, where individuals
owned their tools and means of production and used their own labour to produce
goods
The putting out system and the birth of capitalist industry
o“putting out system” – merchants had demand for European manufacturers.
Wanted greater control over the process, started to supply artisans with the
inputs  had a claim to what the artisans would produce
oBegan to centralize this process, instead of going to all the houses – had the
artisans come to a central place where they could work and hired their labour
power.
oStart of capitalist production  Merchants hiring labour power of artisans
Decline of the manorial system
oFeudal manor historically had a feudal lord who controlled the land and allowed
their serfs to use plots of that land, in exchange for chunk of crops produced or
working on the property of the lord.
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