Econ NOTES - Chapter 1: Economic History: A Whirlwind Tour...

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Chapter 1: Economic History: A Whirlwind Tour I. Capitalism (Features) 1. Free Market Economy a. Allowed to make free choices 2. Private Property Rights a. Gives owner the rights of use, benefits transfer b. Government protects property rights c. Provides safety net, benefits, welfare, insurance, social security II. Precursors to Cap NOW 1. Ancient Empires a. Greece/ Rome b. Ruled by Tradition and Customs c. Agriculture didn’t produce much surplus 2. Feudalism a. Became primary social/economic unit b. Manner c. Center were lords and serfs d. Lord provided protection to serfs e. Serfs tilled land and cared for animals f. Lords received food/ clothing g. Top of chain was king h. Customs were governing rule (different in diff. manners) i. Catholic Church- largest land owner j. Guilds ruled city/community (craft/trade organizations) k. Guilds had religious components III. Downfall of Feudalism 1. Changes in Technology 2. Urbanization a. More people move to cities b. Allowed specialization c. Improved trade (merchants) d. Broke down feudal relationship e. Increase of raw materials f. Creation of Nation State g. Decline of matter h. Lord/Serf become relationship of exchange rather than customary 3. Breakdown of Guilds
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a. Emergence of PUTTING OUT SYSTEM - Merchants/Capitalists now own tools - Workers uses merchants tools for production b. Merchants don’t own land anymore c. Rise of Protestantism - Installed Anglican Church of England - Calvinsim hard work/profit = worthy to lord d. Replaced by early Capitalism - Factory System IV. Technological Periods 1. 1800-1850 a. Steam Power
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This note was uploaded on 04/03/2008 for the course ECON 112 taught by Professor Minkler during the Spring '08 term at UConn.

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Econ NOTES - Chapter 1: Economic History: A Whirlwind Tour...

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