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group Outline of Relentless Revolution-1

group Outline of Relentless Revolution-1 - Outline of...

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Outline of Relentless Revolution Chapter 1- The Puzzle of Capitalism i. Scarcity in Traditional Society a. In feudal times, around 80% of the population was devoted to food production. b. Noblemen levied price ceilings on grain, creating food shortages. c. Overall production- Gothic Church example- followed how food production was at the time. ii. Capitalism’s Distictions a. The investment of capital (money, assets, etc…) to form a profit- making enterprise. b. According to the professor, capitalism was not a necessity, but a coincidence. iii. The Trailblazer a. Why was England the first to foster capitalism? Chapter 2- Trading in New Directions i. Intro a. After 15 th and 16 th century exploration of the Portuguese and Spanish, worldwide trade exploded- germs killed of natives ; Arawaks of San Domingo. Marketplace increases dramatically with new products from the Americas and the West Indies. Ex: potato, tomato, corn, tobacco, cocoa… b. Both imposed monopolies on goods and trade routes, while colonizing the Americas, the West Indies and Africa. ii. European Dominance a. Spain and Portugal began to lag due to feudal institutions- Price ceilings, malice toward enterprise and merchants, want to keep established order. b. English privateers began to ransack Spanish ships. Ex. Sir Francis Drake, who would attack Spanish vessels in the Caribbean, was considered a hero in 1570 England. c. Spanish and Portuguese lose naval dominance to Protestant Queen Elizabeth and Dutch: Possible argument to be made about greater religious liberalism being a factor in the rise of English Capitalism. d. Dutch and England begin domination of trade with joint-stock companies, like the British and Dutch East India Company. iii. The impact of Civil War a. Civil War in England from 1620-1680, ending with the Glorious Revolution in 1688. b. Merchants revolted against monopolies set up by monarchs, like James I in the early 1600’s. While the monarchs Charles I and Charles II (1642- 1651) battled with the Parliament, greater economic freedom emerged. Ended with Parliamentary victory at the Battle of Worcester (September 3, 1951)
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c. After the Dutch achieved independence from Spain, the Dutch innovated with free ports, secure titles to land, efficient legal systems, and the process of double-entry accounting. (Possibly fostered by Protestantism in the Netherlands) iv. The Dutch as an Economic Model a. Bank of Amsterdam established in 1609; Spanish incredibly in debt to Netherlands. b. Innovated with the flyboat, a flat-bottom barged designed for transport of heavy goods. c. Dutch East India Trade Company, dominated trade in the East Indies, 1602 granted monopolies in the cape of good hope. d. Why hadn’t the Dutch fostered capitalism? Strict Calvinism; condemned greed; Rembrandt and Vermeer. v. Trade and Society a. English concept of title passing through sole male line caused people, like Winston Churchill, the younger son of the Duke of Marlborough, but still a commoner. This caused an increase of aristocratic interest in trade.
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