10212 obstacles 1 in england theres small markets

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10/2/12 Obstacles: 1. In England, there’s small markets separated by physical barriers 2. Skewed demand (small aristocracy took most disposable income); selling luxury goods 3. Guild regulations – self interest against change 4. Government regulation 5. Culture – aristocrats regarded money in trade as tainted Adam Smith – everyone should be free to enter whatever occupation they wanted without being held accountable for tradition / obstacles; founding father of laissez-faire economics: free individual enterprise would create more wealth than any artificial regulation would encourage 1791, gov’t permanently dissolved guilds England had a lot of natural resources for industrialization southeast, fertile plain; north&west, rich coal and iron deposits; streams that had powered flour mills; proximity to the sea; strong central bank (low interest rates) Coal – first capital-intensive industry in Britain; to get it, men would loosen it from the seam, women & children haul into shaft & clear debris; as pits sunk deeper, you’d hit water 1709 : Thomas Newcomen
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