Economics 107 Lecture notes midterm

Economics 107 Lecture notes midterm - QS QD Economics 107...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Q S Q D Q D >Q S P Economics 107 Lecture Notes Professor Appleby Weeks 2, Lecture 5 Notes by Kelly Bowers
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Syllabus Changes -November 4 th read pages 228-287 -November 9 th , read November 11 th ’s assignment -Get to class on time Answering Questions -What is the innovation behind land fallows? -A farmer would have his land divdied into four parts. One would be barely (perhaps for malt), wheat, pasturage, and fallow land -But: The innovation would be to replace the fallow land with clover or legumes, thus increasing their utilized land space and replenishing the soil Political Change -Political change is hard because it means the redistribution of power and people who have power, will fight to keep it -Political change is revolution but that is rare -Usually, politics will lag The Intellectual Component in the Start of Capitalism -Three debates contributed to the success of capitalism and laid the basis for subsequent thought -English Lawyer’s Notion on How Society Should be Run -He held a conventional belief about the supposed natural law; a biblical law of charity -But society was not charitable; rather quite mean -Scarcities made people desperate -True, poor laws existed but it was made difficult to get that charity (Men were “whipped” back to their parishes) -In order for capitalism to immerge, this cultural opinion had to be overcome -What is culture? -A series of beliefs and traditions about composure and behavior -Dictated by the media (which, in historical times, meant sermons, gossip, and festivals) -Capitalism had to overcome culture; these sensibilities -Capitalism seemed alien and disturbing -Three events produced a lot of writing and an examination of the market important to the future -16 th -17 th century Inter-European trade -There was a specialization as certain countries developed surpluses of what they were good at -Like the Dutch with their herring -This trade made life easier for everyone but made countries vulnerable to outside influences
Background image of page 2
-A flood caused a depression for people who depended on cloth -This was a major crisis because families who worked with cloth and wool, dedicated all their family members to the industry -The traditional way of handling this crisis, was to mandate market activity but the merchants explained that they wouldn’t have enough capital to buy from sheep farmers and loom workers during the bad times and the good times -For the first time, the leaders listened Thomas Mun as a representative from the East India Trading Company -Spoke against monarchs messing with exchange rates -He said nations should seek earnings, not treasure -When trade is good , there is a shortage of money because people are using it -So people don’t prefer money to goods according to him -He also felt like change was among them because this was not dependent or subservient to government influence -A trade craze -New cloths from India became very popular. Calico coats and gingham jackets, for example were lighter and more fashionable than wool and linen -This made wool producers nervous
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/20/2011 for the course ECON 107 taught by Professor Murphy,g during the Spring '07 term at UCLA.

Page1 / 20

Economics 107 Lecture notes midterm - QS QD Economics 107...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online