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Lecture #2

3 Pages

Political Science
Course Code
Sophia Moreau

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The process of development started in Britain. A transformation from a feudal to a market economy was a very slow process and took about 1600, with the arrival of the industrial revolution. Traditional economy - Sons do the same as their fathers, and trade guilds ensure that things are created to a certain standard. Things change in tiny ways, but it functions because its always functioned before. There is little innovation. Command economy - There is central planning. Decision makers decide what should be created and how it is distributed. The USSR Five Year Plan. Until the 19th century, the primary model of economy was Traditional and Command. Economics, production and distribution really developed as its own eld after the 19th century. The Feudal system is interesting because it had to be overcome for the market to emerge. The feudal system is static and rigid. Serfs could not leave or move and were tied to a particular piece of land and lord for generations. It was a social obligation, and it was a relation of economic dependance. The Feudal System: - Labour is not a commodity - Serfs were not able to sell their labour - Land is not a commodity - Land was not considered outside of their social context. There was no market for land, it was not a source of wealth. - Property is not a commodity - Wealth was spent on jewelery and spices, it was not spent on capital. Agricultural changes. Open eld system, manors with common areas for use by both serfs and lords. The enclosure process was slow
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