SOSC 1510 Study Guide - Quiz Guide: Merchant Capitalism, Feudalism, Living Wage
11 Feb 2019
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Pick one of historical era or mode of production (feudalism, merchant capitalism, industrial capitalism) and describe who was involved and how they related to one another. Feudalism is a political system based on reciprocal relationship between lords, knight and peasants. Lords owned lots of lands,knights protected the lands of the lords in exchange for little power and peasants who work the lands to seek protection. Class structure of these agrarian societies consisted of a relatively small aristocracy and merchant class. Merchant class lived in city, rural landowning class, and large rural peasantry. Peasants farm small plots of land they did not own. Landowners received rent in the form of agriculture. Historical tenancy relationships allowed to continue and offered some protection. System of mutual rights and obligations reinforced by tradition. Growing rural populations, deterioration of land, landlords demanding more rent, forced people off land into cities. Merchants and royalty accumulated huge fortunes by trading internationally in a variety of goods.
