HIST 1011 Lecture Notes - Lecture 11: Early Modern Europe, Excise, Military Revolution
Document Summary
Center of economic actiity and political authoirity in asia. Conquest and colonization of americas--gave europe advantage. Last 200 years: europe has globally dominated through imperialism and superpower contest. Great divergence --when europe skyrockets as a superpower. Europe has capitalism develops in early modern period lets europe go out and dominate. Capitalism forcefully exported to rest of world through imperialism. Development of idea of credit--not limited by the identifiable resources one has, limited by possibility of production in future. Creation of first national bank in 1689: bank of england. First creation of national debt: centerpiece of modern government finance. European states become financed by debts--national banks. Market: need market for capital to operate. Goods can be sold by owners without social obligation/political tradition. States have little role in market: laissez faire. Commodification of land and labor, beginnings of idea of capital and system of credit. Karl marx: development of capitalism as a stage of human development.
