ECON 1740 Lecture Notes - Lecture 1: Enclosure, Transition System, Mercantilism
3 Nov 2016
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Document Summary
Capitalism: being able to move up and down the socioeconomic ladder, no control by the government. Feudalism- a hierarchal system with kings, nobles, clergy (religious leaders), serfs (peasants). During this time, everyone looked out for each other. Capital: anything used to produce goods and services that are for sale. (tools, factories) Capitalism is a system in which capital is privately owned for private gain. Capitalists use capital to make money for themselves. Ideology: beliefs that support why society does what it does. Ideology of feudalism: the cristian paternal ethic, you have the responsibility to help out your fellow humans. Obligation to help the poor. (stems from catholicism) making a profit was against gods will. The ideology change came about when protestantism came about and the reform decided that your relationship between god is between you and god, not the church you and god. Decline of feudalism -> caused rise of capitalism. Change in technology (a new way of doing something)
