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SOSC 1340 (17)
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"The rise and spread of capitalism" ch2 Summary

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Department
Social Science
Course
SOSC 1340
Professor
Kean Birch
Semester
Fall

Description
READING SUMMARY Name: Baraq Balanovsky 212112090 Reading(s): Slater, T. (2008) The rise and spread of capitalism. OUTLINE OF THE READING(S) About 500 years ago, feudalism ruled the European economy. The feudal society was controlled by a handful of landowners who owned most of the land. They ruled over the large mass of poor peasants. The villages were self sufficient, as the peasants were free to use the land for their own economic activities the landlord would simply take a cut of everything. Capitalism emerged in England. The transition from feudalism to capitalism was speeded up by the extreme after effect of the Black Death which wiped nearly half of the European population. The feudal elite depended on large mass of peasants to bring in revenue and maintain their power, so a shortage of peasants slowly caused them to lose control which sped up the disintegration of feudalism. Capitalism came a long, although not yet very different from feudalism, it gave the working class the freedom of choice. Being a free market, it was still ruled by a class of millionaires but the workers were now getting paid for their labour. Capitalism created an unequal class based relationship where the rich capitalists dominated the lower working class which led to many conflicts between the two. As capitalism was gradually transformed in the European economy, Europeans began to travel to different continents with plans to expand their market and exploit other economies which eventually led to slavery. Slavery was a major player in the development of capitalism because it provided cheap labour to capitalists f
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