HIST 1084 Lecture Notes - Lecture 3: Investment, Mercantilism, Wage Slavery

45 views3 pages
25 Jan 2017
Department
Course
Professor

Document Summary

Enclosure system allowed for more efficient and productive agricultural system -- more food for urban population. System in the countryside where individuals can fence off their land. Changing long standing tradition of communal land, gradual privatization. Pushes others who don"t own land to look for work. English society less rigid and centralized, more fluid than rest of europe. Civil war in 1640s, system improved and more inclusive. Surplus capital (sugar, tobacco, slaves) invested in innovations and manufacturing (steam, cotton, iron) Profit brought back to mother country and it is reinvested. Effective central bank (1694) and well developed credit market. Government allowed domestic economy to function with restrictions and encouraged technological innovation. Created legal system of patents-- ensured protection and provided incentive for would be investors. Good transportation system in relatively small country. Coal -- currency of the industrial revolution. Pool of people that could be used for larger projects. Description of trading system in place under empires before.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents