POLS 1201 Lecture Notes - Lecture 7: European Colonialism, Protestantism
Document Summary
The spirit of capitalism the industrial revolution occurred in england because of a belief of capitalism. Factors of production: land, labor, capital: are there cultural roots of economic development, middle of 19th century: a gap between europe and the rest of the world began. The rich are rich because of efficient use of resources. It saves money and time to do things that we do well, and buy things done by people. Outputs worth more than inputs who can do it well. Globalization: the first time occurs around the time of ww1. Individual specialization: we as individuals specialize in certain things. Massive gains in efficiency > same amounts of work, same amount of work, more production. National specialization: whole countries specialize in specific things. Countries that got the richest were countries that specialized in industrial products. Spirit of capitalism: wealth and hard work as goals in themselves. People have a dedication and commitment to hard work.