[MMW 14] - Midterm Exam Guide - Ultimate 20 pages long Study Guide!

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MMW 14
MIDTERM EXAM
STUDY GUIDE
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Outline Lecture OneIntroduction: An Economic Approach to 1700-1914
I) Pivotal Transitions Towards the 18th century (covered in MMW 13)
a) Global Preconditions for European Ascendancy
i) Decline of Islamic Empires: Ottoman, Safavid, and Mughal empires by mid-1700s
ii) Withdrawal of Chinese presence from Indian Ocean network in the 15th century
iii) Ravages of trans-Atlantic slave trade on West Africa
iv) Demise of Aztec, Mayan, and Inca empires
b) Consequences of the Atlantic Triangular Trade
i) The fortuitous Impact on Britain
(1) 1713 Treaty of Utrecht(Signed with Spaniards)the Asiento
(a) Asiento gave exclusive right to transport African slaves across the Atlantic
(b) Brought in tremendous revenue
(2) Coal and steam-powered mills
(a) Found right in Britains back yard near London
(b) 10 mill tons coal produced by 1800(accounting for 90% of coal output)
(3) Huge global markets for British cotton textiles
(a) By 1840 at very low cost
(i) Industrialization of Britain led to de-industrialization of India(Producer of
cloth)
1. India became importer cloth rather than exporter
ii) Quartet of silver, slavery, sugar, and cotton that led to European dominance
iii) “Pluck” and “luck” behind “the rise of the West”
c) Social Changes in Europe Proper
i) Black death led to social changes
ii) Demographic repercussions of the Black Death
(1) Destroyed people, but not wealth.
(a) Led to higher wealth/power among survivors
(b) Decline in supply of peasants/serfs
(i) Enhanced slaves(serfs/peasants) bargaining powers
1. Right to be free
2. Led to balance of power when slaves became free and moved to town
iii) Collapse of the feudal system and emergence of national monarchies
iv) Weakening grip of the Church
(1) Cumulative effect of Humanism and the Scientific Revolution
(2) Social Impact of the Protestant Reformation
(a) Must do what church asks or be damned
(i) Which is not too big of an incentive
(ii) Society became less collective and less intent on rituals
(iii)Just do what the previous generation had done and you would be good.
v) Behind each and every one of these trends, what were the most revolutionary and
decisive shifts in mindset?
(1) Spurred by one important ubiquitous impulse human nature
(a) Pursuit of self-interest/gain(Defining impulse of human nature begins to
surface)
(b) Begin to see shackles loosening up
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(i) Especially as people begin moving through cities and church losing
power/ increased bargaining power of serfs.
II) The Governing Logic of the Market System
a) Constraints of Tradition and Authority
i) Laws and customs in rural villages and on feudal manors
ii) Waning authority to bar the pursuit of gain
iii) By the 18th century, these constraints had become essentially obsolete
(1) Economic incentive of self-interest was no longer prohibited
(a) Pursuit of gain as society’s normative behavior, as its default impulse
b) The Market System as a Modern Phenomenon
i) Essential difference between “markets” and “market system”
(1) Traditional “markets” simply provide venues for exchanging goods
(2) “Market system” sustained itself on a logic collectively embraced and practiced
by a community
(a) Market system as modern phenomenon
(b) Logic socially sanctioned ideology and normative
(c) New mantras became conceived (“Every man is naturally covetous of Lucra)
(i) No laws more important than pursuit of gain
(ii) Gain center of commerce
(3) Inspired new understanding of Land, Labor, and Capital as abstract concepts
(a) Traditionally, land simply seen as plots that people jealously guarded. As
noblemen, never think about selling family land.
(i) Under market system, land becomes “real estate” without ever setting foot
on it and can gain profit from it (Purchase and Rent/Sell)
(b) Modern sense of labor becomes commodity to sell/negotiate rather than duty
(i) Labor becomes marketable
(c) Capital no longer understood as inherited wealth/skill to hoard
(i) Capital becomes invested in and risk-taking as entrepreneurs
(ii) How do I use skill/wealth to get more?!
**All because of pursuit of self interest
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