POL201Y1 Lecture : Lecture #2

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7 Dec 2010
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Industrial revolution: economic society, market society, transformation from feudal to market econ. trade guilds ensure goods are produced that is uniformed and resistible to innovation. changes in tiny ways from generation to generation. Problem with it is that there is no innovation; you are stuck: market. In order to generate the possibility of the market, the feudal system had to be overcome. Serfs owed labour to the lord, lord owed protection to the serfs. Serfs not allowed to move; from father to son through generations. Socially obliged to be dependent on one another www. notesolution. com. Property is not a commodity: wealth was spent on jewels and other things that did not have any productive value; it was not invested, it was not invested as capital, command economy. Finally, the quarrel (about a century) between lords and serfs finally culminates in the general.

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