...Middle Ages impact the Commercial Revolution? 2. What contribution did Luca Pacioli make to the Commercial Revolution? 3. What was the nature of banking in the Commercial Revolution? 4. What was a joint-stock company? 5. What was the Domestic System” in England? 6. What was the Price Revolution and what were its results? 7. What were the principles of mercantilism and what impact did it have on economics and politics? 8. In what ways did the Commercial Revolution sow the seeds of capitalism? 9. What was “Tulip Mania” in the Netherlands? AP European History • The Commercial Revolution • J.F. Walters & G.W.Whitton 2 The Commercial Revolution Journal 12/A: What important economic changes in the early modern centuries does the term “Commercial Revolution” signify? ––Palmer Chapter 12 • pp. 106-114–– Directions; Using sentences or detailed bulleted notes, identify & explain the evidence Palmer uses to support the thesis listed above. AP European History • The Commercial Revolution • J.F. Walters & G.W.Whitton 3 Background to the Commercial Revolution • Commercial Revolution basics ✓ ✓ ✓ ✓ • change from a town-centered (medieval manorial) to a nation-centered (early modern European) economic system in spite of name, the economic change of the Commercial Revolution was slow in nature Commercial Revolution eventually would contribute to the first era of globalization impacted by developments in the Middle Ages ✓ ✓ ✓ • a term...
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...Europe is given special consideration thus far in this class. What made Europe or European civilization unique in the perspective of some authors? It went from ‘marginal’ status to powerful region in a few hundred years. What did this process look like? Be sure to address this at the various levels (ideological, behavioral, institutional, material etc.). Are there reasons for this dominance that are more important than others? Looking back at the world in the past few hundred years, it would have been difficult to imagine that one day, majority of Western Europe would come to dominate the world in global economy (Landes, European Exceptionalism: A Different Path, 1998). Frank (2001) described the process of which the western society overcame pre-modern growth restraints and risen during the 19th century as the most powerful and wealthy region, as ‘The Great Divergence’ (Also commonly referred to as ‘the European miracle’ (Jones, 2003)). This essay will explore the development of European civilization through examining the revolution of commercial, industrial, agricultural, scientific, and the beginning of colonial empires. Also, we will look at various works of many authors and their theories regarding how and why the process of Great Divergence occurred. This includes the change in economical effects, the role of government, culture, the technological development, and innovation. In addition, we will briefly explore the previously developed areas; such as China and compare them...
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...Mercantilism is an economic theory practice, commonly used in Europe from the 16th to the 18th century that promoted governmental regulation of a nation’s economy for the purpose of augmenting state power at the expense of rival national powers. It was the economic counterpart of political absolutism.[1] It includes a national economic policy aimed at accumulating monetary reserves through a positive balance of trade, especially of finished goods. Mercantilism dominated Western European economic policy and discourse from the 16th to late-18th centuries.[2] Mercantilism was a cause of frequent European wars and also motivated colonial expansion. Mercantilist theory varied in sophistication from one writer to another and evolved over time. High tariffs, especially on manufactured goods, are an almost universal feature of mercantilist policy. Other policies have included: Building overseas colonies; Forbidding colonies to trade with other nations; Monopolizing markets with staple ports; Banning the export of gold and silver, even for payments; Forbidding trade to be carried in foreign ships; Export subsidies; Promoting manufacturing with research or direct subsidies; Limiting wages; Maximizing the use of domestic resources; Restricting domestic consumption with non-tariff barriers to trade. Mercantilism in its simplest form was bullionism, but mercantilist writers emphasized the circulation of money and rejected hoarding. Their emphasis on monetary metals accords with...
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...Titulo Universitario Senior Universitat Jaume I Castellón, mayo 2005 2 Indice: I. General Concept………………………………..…… 4 1. First industrial revolution 2. Second industrial revolution 3. Modernization II. Europe……………………………………………….. 9 1. England 2. Scotland 3. Rest of Europe III. U.S.A………………………………………………... 17 1. The growth of U.S. industry. 2.Organization of industrial relations. 3.Agriculture. IV. Developments and innovations……………………… 24 1. Colonialism 2. Apprenticeship 3. Science and technology 4. Machine tools 5. Textiles 6. Steam engines 7. Locomotives and Steamboats 8. The Electric Telegraph 9. Architecture 10. Rubber 11. Lighting 12. Time V. Conclusions………………………………………... 42 VI. Bibliography………………………………………… 44 3 I. General Concept 1. The First Industrial Revolution Between 1760 and 1830 the Industrial Revolution was mainly confined to Britain. Being aware of its head start on other countries, Britain forbade the export of machinery, skilled workers and manufacturing techniques. This could not last, as many Britons saw profitable industrial opportunities abroad and continental European businessmen were keen to lure British know-how to their countries. Belgium became the first country in continental Europe to be transformed economically, having machine shops set up in Liège (c.1807) by two Englishmen, William and John Cockerill. Like Britain, the Belgian Industrial Revolution centred on iron, coal and textiles. The...
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...es/Escuelas/mercant.htm http://www.econlib.org/library/Enc/Mercantilism.html mer·can·til·ism (mûrkn-t-lzm, -t-) n. 1. The theory and system of political economy prevailing in Europe after the decline of feudalism, based on national policies of accumulating bullion, establishing colonies and a merchant marine, and developing industry and mining to attain a favorable balance of trade. 2. The practice, methods, or spirit of merchants; commercialism. The Mercantilists For Europe, the 17th century was "the most horrible century", engulfed by interminable national, religious and civil wars, made memorable for their particularly savage brutality. From ashes and smoke, the national state was formed and enshrined in the Reformation-inspired contractual "natural law" philosophy of Grotius, Hobbes and Pufendorf. With the rise of the State, the 17th Century marked the ascendancy of two classes of peoples needed by the State: bureaucrats to run it and merchants to finance it. It was from the assorted pamphlets, studies and treatises of these groups of practitioners that Mercantilism developed. In England and Holland, the bulk of the economic writing was done by merchants drawn from their rising bourgeois communities -- thus the term "Mercantilism". In France and Germany, where the bourgeoisie was smaller, economic arguments were articulated largely by state officials -- thus French Mercantilism is better known as "Colbertisme" (named after Jean-Baptiste Colbert, French minister...
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...International Standard and International Latin style dances (see dance categories below). These styles were developed in England,[1]and are now regulated by the World Dance Council (WDC). In the United States, two additional variations are popular: American Smooth and American Rhythm. ------------------------------------------------- Definitions and history The term 'ballroom dancing' is derived from the word ball, which in turn originates from the Latin word ballare which means 'to dance' (a ball-room being a large room specially designed for such dances). In times past, ballroom dancing was social dancing for the privileged, leaving folk dancing for the lower classes. These boundaries have since become blurred, and it should be noted even in times long gone, many ballroom dances were really elevated folk dances. The definition of ballroom dance also depends on the era: balls have featured popular dances of the day such as the Minuet, Quadrille, Polonaise, Polka, Mazurka, and others, which are now considered to behistorical dances. Early Modern Age The first authoritative knowledge of the earliest ballroom dances was recorded toward the end of the 16th century, when Jehan Tabourot, under the pen name "Thoinot-Arbeau", published in 1588 his Orchésographie, a study of late 16th-century French renaissance social dance. Among the dances...
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...Framework for the study of political economy and economic development George David Smith, Richard Sylla, Robert E. Wright( NYU Stern School of Business For most of its existence, humanity neither enjoyed nor understood economic growth, or society’s capacity for creating wealth. Prior to the 18th century, the aggregate incomes of particular societies may have increased a little for short periods in a few places, but most of the time incomes hovered not far above the subsistence level. Powerful leaders and ruling classes could accumulate vast wealth, but this was normally achieved through the redistribution of incomes from the weak to the powerful, and certainly not through the creation of wealth as we know it today. Going back centuries, to paraphrase the 17th-century English philosopher Thomas Hobbes, human life was solitary, poor, nasty, brutish and short. Peace and good weather were more likely to summon forth children more than prosperity. Whenever war, pestilence, and drought returned -- and they always did -- people died in droves. To many observers, humanity appeared doomed to spend eternity wet, cold, hungry, and grief-stricken. In the late 18th century, the English proto-economist Thomas Robert Malthus warned that the mass of humanity, quite aside from the foregoing perils, was doomed to a life at the margins of starvation, as surges of population growth would inevitably outstrip the finite sources of food supply. No wonder, then, that Victorian-era historian...
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...civilizations. Notable writers from antiquity through to the 14th century include Aristotle, Xenophon, Chanakya (also known as Kautilya), Qin Shi Huang, Thomas Aquinas, and Ibn Khaldun. The works of Aristotle had a profound influence on Aquinas, who in turn influenced the late scholastics of the 14th to 17th centuries. Joseph Schumpeter described the latter as "coming nearer than any other group to being the 'founders' of scientific economics" as to monetary, interest, and value theory within a natural-law perspective. Two groups, later called 'mercantilists' and 'physiocrats', more directly influenced the subsequent development of the subject. Both groups were associated with the rise of economic nationalism and modern capitalism in Europe. Mercantilism was an economic doctrine that flourished from the 16th to 18th century in a prolific pamphlet literature, whether of merchants or statesmen. It held that a nation's wealth depended on its accumulation of gold and silver. Nations without access to mines could obtain gold and silver from trade only by selling goods abroad and restricting imports other than of gold and silver. The doctrine called for importing cheap raw materials to be used in manufacturing goods, which could be exported, and for state regulation to impose protective tariffs on foreign manufactured goods and prohibit manufacturing in the colonies. Physiocrats, a group of 18th century French thinkers and writers, developed the idea of the economy as...
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..."Farewell to alms" Ch.1 Wednesday 25 March 2015 The Malthusian Trap Conditions of leaving in 1800 were even worse, under several aspect, than the one of an average person in 100,000 BC, or the hunt-gathers . And hunter-gatherer societies are egalitarian. Material consumption varies little across the members. In contrast, inequality was pervasive in the agrarian economies that dominated the world in 1800. The Industrial Revolution deeply changed this trend, Income per person began to undergo sustained growth in a favored group of countries. The richest modern economy are now ten to twenty times wealthier than the 1800 average. For Clarks the biggest beneficiary of this revolution has been the unskilled workers, the poorest. Just as the Industrial Revolution reduced in come inequalities within societies, it has increased them between societies, in a process recently labeled the Great Divergence.1 For example African countries, in certain case, would have been better never discover the industrial revolution, because they remained trap in the Malthusian Era creating an higher divergence between population, and driving down standards to subsistence. * Why did the Malthusian Trap persist for so long? * Why did the initial escape from that trap in the Industrial Revolution occur on one tiny island, England, in 1800? * Why was there the consequent Great Divergence? "Thus I make no apologies for focusing on income. Over the long run in come is more...
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...1. Literature of the 17th century. John Milton. “Paradise Lost”. John Bunyan. “Pilgrim’s Progress”. The peculiarities of the English literature of the 17th century are determined by the events of the Engl. Bourgeois Revolution, which took place in 1640-60. King Charles I was beheaded in 1649& General Oliver Cromwell became the leader of the new government. In 1660, shortly after Cro-ll’s death, the dynasty of the Stuarts was restored. The establishment of new social&eco-ic relations, the change from feudal to bourgeois ownership, escalating class-struggle, liberation movement and contradictions of the bourgeois society found their reflection in lit-re. The main representatives of this period is: John Milton: was born in London&educated at Christ’s College. He lived a pure life believing that he had a great purpose to complete. At college he was known as the The Lady of Christ’s. he Got master’s degree at Cambridge. It’s convenient to consider his works in 3 divisions. At first he wrote his short poems at Horton. (The Passion, Song on May Morning, L’Allegro). Then he wrote mainly prose. His 3 greatest poems belong to his last group. At the age of 23 he had still done little in life&he admits this in one of his sonnets. (On his 23d B-day) In his another sonnet he wrote on his own blindness. (On his Blindness) Milton wrote diff. kinds of works. His prose works were mainly concerned with church, affairs, divorce & freedom. The English civil war between Charles...
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...international borders or territories.[1] In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has been present throughout much of history (see Silk Road, Amber Road), its economic, social, and political importance has been on the rise in recent centuries. Industrialization, advanced transportation, globalization, multinational corporations, and outsourcing are all having a major impact on the international trade system. Increasing international trade is crucial to the continuance of globalization. Without international trade, nations would be limited to the goods and services produced within their own borders. International trade is, in principle, not different from domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not. The main difference is that international trade is typically more costly than domestic trade. The reason is that a border typically imposes additional costs such as tariffs, time costs due to border delays and costs associated with country differences such as language, the legal system or culture. Another difference between domestic and international trade is that factors of production such as capital and labor are typically more mobile within a country than across countries. Thus international trade is mostly restricted to trade in goods and services, and only to a lesser extent to trade...
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...multinational enterprise . Businesses are always running after profits, therefore, they try to find out ways to decrease the cost as much as they can e.g. cheaper labor to bring about efficiency because it cuts cost of production. The concept of MNC’s originated from Western Europe particularly England and Holland. At that time, with the help of successful trades a lot of banks and money lending agencies emerged. Later in 17th and 18th century, companies like Hudson Bay Company, British East India Company, and French Levant Company emerged as the major multinationals at that time. The modern version of Multinationals emerged after the industrial revolution. During that time, huge foreign investment flowed from Western Europe in Asia, Africa etc. Companies started searching for countries where the labor as well as the resources was cheap and still today, when the no. of MNC’s have reached around 889450, the companies are still searching for countries where they can find much more cheap labor and other resources. A very important factor regarding the topic of MNC’s is globalization. Friedman defined globalization as: “Globalization is the inexorable integration of markets, transportation systems, and communication systems to a degree never witnessed before -- in a way that is enabling corporations, countries, and individuals to reach around the world farther, faster, deeper, and cheaper than ever before...” The relationship of Globalization and Multinationals is complementary. As the...
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...transport Tuesday, 1 January, 2013 2:29 PM Transportation and Economic Development Authors: Dr. Jean-Paul Rodrigue and Dr. Theo Notteboom1. The Economic Importance of Transportation Like many economic activities that are intensive in infrastructures, the transport sector is an important component of the economy impacting on development and the welfare of populations. When transport systems are efficient, they provide economic and social opportunities and benefits that result in positive multipliers effects such as better accessibility to markets, employment and additional investments. When transport systems are deficient in terms of capacity or reliability, they can have an economic cost such as reduced or missed opportunities. Efficient transportation reduces costs, while inefficient transportation increases costs. The impacts of transportation are not always intended, and can have unforeseen or unintended consequences such as congestion. Transport also carries an important social and environmental load, which cannot be neglected.The added value and employment effects of transport services usually extend beyond employment and added value generated by that activity; indirect effects are salient. For instance, transportation companies purchase a part of their inputs from local suppliers. The production of these inputs generates additional value-added and employment in the local economy. The suppliers in turn purchase goods and services from other local firms. There are further...
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...influencing virtually every business in Canada, United States and other industrialized nations. One way to cope with this is to expand beyond a country’s own frontiers. Poland, Hungary and Romania are three countries that are very competitive in the skilled manual labour. This makes them a very attractive location for large corporations to outsource low, medium and sometimes even high levels of production. Multi-national firms can take advantage of cheap labour, high level of technical competence, and excellent infrastructure in these three nations. The Central Eastern European countries are part of the expanding Europe and the countries that fall within this area have opened up many opportunities for multi-national Firms. Many of these countries have recently joined the European Union and NATO have made formidable alliance and agreements that boost their investment opportunity value. History: Poland is a large country with a long and distinguished history. (Europe Global Studies, pg. 48) Poland's history as a state begins near the middle of the 10th century. By the mid-16th century, the Polish-Lithuanian Commonwealth ruled a vast tract of land in central and Eastern Europe. During the 18th century, internal disorders weakened the nation, and in a series of agreements between 1772 and 1795, Russia, Prussia, and Austria partitioned Poland among themselves, thus by the 1800, Poland had “disappeared” from the map of Europe. (Europe Global Studies, pg. 48) However Polish culture did...
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...is their livelihoods. This paper will take a look into the past and present of coffee and evaluate and present solutions, both environmentally and socially, for the continued sustainability of the world’s most influential drink. A History of Exploitation To understand the implications of coffee’s impact on society and the global economy, it is important to start at the beginning. Coffee berries were first eaten by slaves who took it with them as they were taken from what is present day Sudan to Yemen and Arabia. This is where coffee as we know it today was born. It is believed that the first beans were roasted and brewed around 1000 A.D. in Arabia. By the 13th century, coffee was a common drink among Arabs and coffeehouses were opened in Mecca and throughout the Arab world. By the 15th century, coffee was cultivated as a crop throughout Arabia. However, the Arabs banned the exportation of coffee and made exported beans infertile in attempts prevent its cultivation in other areas.[ii] It was hard to keep coffee to themselves for long, and it is believed that an Indian by the name of Baba Budan smuggled fertile coffee beans to India by taping them to his belly. Whether that is true or not, around the 1600s India began to grow coffee and the Dutch took notice. The...
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