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Geography 3422A/B Study Guide - Cash Flow, Social Contract, Industrial Revolution

Course Code
GEOG 3422A/B
Milford Green

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Video: Credit Where It’s Due 9/11/2012 1:54:00 PM
Caribbean Islands
Rich English men would bring in poor people from Africa to harvest
all the sugar on the Caribbean islands
o Sugar producers then were like oil producers now
o Controlled thousands of slaves by keeping them frightened
Wanted to make enough money to retire back home
Livestock needed food in the winter to keep them alive
o Found different ways to protect the grass, an inch of water to
prevent frost, feeding them turnip because it would grow in
fall and be ready for winter, nitrogen in the grass so it would
continue to grow
1720 30 years of beautiful weather lead to food prices down and
wages up
o Resulted in the “ploughman’s lunch
o Cash flow problems, too much cash and not enough flow
o Dutch introduced paper money to England using a “paper
promise” instead of actual gold
Also introduced stocks and investment in companies
both in England and overseas
John Locke said that government’s only role was to protect
people’s property
o Social contract between people and the government so that
everyone could pursue in their own self-interest
1700’s – a lot of new ideas like import and export
o There was no tax on profits in the 1700’s
o Decenters considered to be potentially dangerous
revolutionary fanatics (religious people)
Not allowed to gather in public or go to university
Were allowed to go into industry something the rich
thought was “below them”
Middle of the 18th century:
o Set up their own academies all over the country
Learned things that we are still learning today, turned
out the equivalent of Harvard grads today
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