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Lecture

Industrial Revolution


Department
Political Science
Course Code
POL201Y1
Professor
Sophia Moreau

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Politics of Development t Week 2: September 20th, 2010
Industrial Revolution and Precursor to Industrial Revolution
- Ecommerce society is recent concept
- Transformation from feudal economy to market economy took 600 years
Three ways of organizing economy: production and distribution of goods
- Tradition
o Sons go into same trade as fathers
o Produce things in uniform way resistant to change
o Do things in way that has always functioned
Limit: no innovation
- Command
o Central planning, bureaucratic decision makers decide how much needs to be produced
and where it needs to go
E.g. Soviet Union five year plans
o Very little room for adaptation to changing circumstances
Tradition and command dominated until 19th century
- Market
Feudal system t emblematic of how goods were produced and circulated according to rules and
patterns,
- Needed to be overcome and undermined in order to generate market economy
- A system of hierarchy, static and rigid, the lords ruled over the manor and the serfs worked for
the manor
- Demonstrates social obligation (lords and serfs), dependent on one another
- Labour is not a commodity, nor is land or property
o Market system involves thinking of these things as commodities
o Serfs could not move, sell their labour, did not receive wages in return for their labour
(labour not a commodity)
o Land was not considered outside of its social context, where they lived, where they
grew their food, a piece of territory they were attached to socially and politically, could
not sell it, not a source of wealth (land not a commodity)
o Wealth was spent on jewels and things that did not have productive value, not invested,
not turned into capital (property not a commodity)
Breakdown of feudal system is inevitable precursor to rise of market system
www.notesolution.com
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