POL201Y1 Lecture : Industrial Revolution

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24 Nov 2010
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Politics of development j week 2: september 20th, 2010. Transformation from feudal economy to market economy took 600 years. Three ways of organizing economy: production and distribution of goods. Tradition: sons go into same trade as fathers, produce things in uniform way resistant to change, do things in way that has always functioned. Command: central planning, bureaucratic decision makers decide how much needs to be produced and where it needs to go. Soviet union five year plans: very little room for adaptation to changing circumstances. Feudal system j 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. S breakdown of feudal system is inevitable precursor to rise of market system www. notesolution. com.

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