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University of Toronto St. George
Political Science
C Jung

Pol201ProfessorSeptember1812The Making of Economic Society and the Industrial RevolutionTransfer from feudal economy to market economy took around 600 yearsBecause of the beginnings of market economy and IR the world GDP began to increase after 1500s3 methods of economyTraditional trade housesno one has an unfair advantage over another People grew and harvested their products by themselvesCommand central planning Bureaucratic members decide how much products will be produced and where they will goMarket up until 1900s it was more traditional and command economy Feudal system is an example of what a traditional and command economy looked like Moreover it had to be destroyed in order for the market economy to riseFeudal systemHow it works the freemanserfs owed the lordsbarons something and in return the lords owed the serfs protection and housing They only produced enough for what they needed They didnt need to produce a surplus because there was no point of it since there was a limited market for surplus and no need to upgrade the production line to make more money Therefore money was not as highly regarded as now as it was only used for luxury materialsUnder the Feudal systemLabour is not a commoditySerfs did not move did not sell their labour nor did they receive wages for their labourLand is not a commodityNot something you buy or sold was something you inherited and you pass on from generation to generation A place where you lived and grow your foodProperty is not a commodityMoney did not turn into capital Property was not used to sell to generate money and capitalAgricultureThe breakdown of the feudal system was enlarged due to the enclosure of the field system Before this it was an open field system of which all fields were connected Enclosure refers to the privatization of the common land The lord turned the commons into productive use This is the commodification of land This was a transformation of land from birth right to an economic production The enclosure began within 1800s general enclosure act of 1801 of which the serfs were not happy with this and tried to rebel of which the government intervened and passed the general enclosure act of 1801 which
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