Econ 107 – Lecture notes

Econ 107 – Lecture notes - Econ107Lecture3...

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Econ 107 – Lecture 3 22:29 Using tools is a part of efficiency Human beings are tool users Makes humans well aware of tasks All cultures are built on natural qualities Capitalism breaks the idea of clinging to the past as we find newer ways with  higher utility and efficiency The new value of efficiency Some capitalist practices got the leverage to change society Had the power of leverage Hooking up the worlds continents and trades and conquests changed Europe Beginning of globalization Joint stock trading companies and the east India company with the pilgrims Columbian exchange Jared Diamond Writes at the beginning of his book… “Why does the west have so much  cargo?” What were the first practices of capitalism?  Why were they able to take root and  develop in England? Money is invested as capital. Mass specialization. Each industry or company would choose their specialization where they could  sell their skill
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Glorious revolution in England In what ways did Columbian exchange lay the foundation for industrialism? Columbian echange provided food which increased pop Access to their resources more quickly. People got to see more opportunity in going to the new world. No one knew why the natives in south America were getting sick Promoted new commercial institutions, fresh group of entrepreneurs Fresh ideas and fresh intellectual thinkers Discovery of the new world liberated curiosity As it was previously frowned upon by the catholic church Something that god knows that human being should not be asking
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Econ 107 Lecture 4 22:29 Significance of agricultural improvements and why they aroused criticism from  contemporaries. When 75% of the population was working towards producing food, there was very  few other to improve economic expansion elsewhere Researchers got records from the churches and got, averages birth rates, death  rates, marriage rates, etc. Discovered late age of marriage in England compared to the rest of the world Man could not get married until he had an established independent  household. Young people worked Having a particular social order in order to live through the famines Poor were hungry but didn’t work that hard in their agricultural field because there  truly wasn’t that much to be done Dutch farming techniques Allowing soil to lay foul fertilize for a while o Planted nitrogen in the soil from legumes Maintained their animals
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