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Industrial Revolution

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University of Toronto St. George
Political Science
Sophia Moreau

th Politics of Development J Week 2: September 20 , 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 19 century - Market 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 - 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
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