Economy
1700-1850
· The Open Field System
· The Agricultural Revolution
· Enclosure
· The Low Countries and England
§ Jethro Tull
The Population explosion
· Because of an improving economy there was less famine and people were able to eat better and survive longer
· As a result population growth skyrocketed
The Cottage Industry
· The Putting-out system
§ Family roles
· The textile industry
· Trade patterns
· The Atlantic Slave trade
Adam Smith and Economic Liberalism
· The “Invisible Hand”
Revolutions because of the Economy
· Liberty and Equality
· French Revolution
§ National debt
§ Estates in France
§ Bread riots
§ Planned Economy under Robespierre
The Industrial Revolution
· Origins
· First Factories
§ Textile Industry
· Steam engines
§ James Watt
· Railroads
§ Creation of National Markets
· Population
§ Thomas Malthus
§ David Ricardo and Iron Law of Wages
Economic Nationalism
· Tariff Protection
Class Consciousness
Working Conditions
· Pauper Apprenticeship
· Family Units
· Terrible conditions
· Factory Act of 1833
Sexual division of labor
· Mines Act of 1842
Labor movement
· Combination Acts
· Grand National Consolidated Trades Union
Liberalism
· Laissez-faire economy
· Unrestricted private enterprise and no government interference in the economy, a free economy
· Adam Smith
· Britain
The great famine in Ireland
Mid 1800s - Present
§ Prices skyrocketed as bad harvests plagued Ireland
· In France, the socialist revolution caused peasants to outbreak.
§ Conservatives sided with the republic of France against the peasants and socialists
§ The clash between liberal capitalism and socialism because a clash between the classes.
· Pushed back and forth between Liberalism and Conservatism.
By 1850, working conditions and wages increased due to the rise of socialism and the Proletariat
· The Ten Hours Act of 1847 limited the workday for women and young people in factories to obviously 10 hours
· Repealment of Corn Laws in 1846 - with this, it was allowed for free imports of grain and Great Britain lived with the liberal doctrine of free trade as it became almost sacred dogma.
§ The working class, as seen here, was able to compromise with the middle class and aristocracy to better their working conditions.
· The Communist Manifesto, by Karl Marx and Friedrich Engels was published in 1848, and it gave rise to Marxian Socialism.
§ The book described the gap and problems between the bourgeoisie and the proletariat as modern industry advanced and economic classes were split more clearly.
Continuation of the Growth of Industry
· As cities began to grow, the population began to spread out to the rural areas. Urban planning and movements were made in cities like Paris, with people like Edwin Chadwick and Georges Haussmann.
· As Industry grew, transportation was needed throughout Europe, which involved the use of steamships and railroads.
· The European economy became centralized around industry with mass production and the use of iron and steel, encouraging the use of machinery.
· Economic Impacts
§ Laissez Faire v. Centralized economy
§ Central Corp Banks; Credit Profession
§ Industry Creates Jobs
§ Diversified Economy
§ Rise in Consumerism, advertising, mass marketing
§ Rise in standard of living (Bigger Pie on Bigger Piece)
§ Opposition to change (Luddites)
§ Increasing Gap between owners and laborers
§ Speed of production/changing nature of work
§ Bureaucratization of work
§ Related Industries
As Industry was booming, the growth of the World Market exploded
· The use of the Suez Canal and the Panama Canal for quicker trade routes and more efficient marketing/trading
· The value of world trade in the early 19th century was 25 times that of in 1800 at $38 billion.
· Great Britain dominated the market as it successfully used its colonial empire with the technological breakthroughs to manufacture more goods for export markets in Europe, then in their colonies around the world.
· Millions of people sought to migrate for better economic lives and European life increased its standards due to the medical and technological revolution.
World War I
· Time of economic productivity competition
· Unemployment rates dropped because of the mass production and war effort in the participating countries.
· However, after the war, the economic effect of WW2 included the Treaty of Versailles in that it had destroyed the German economy, which then affected the rest of the world with the Great Depression.
· The Dawes Plan was adopted in 1924 in hope to return Germany to a level of economic prosperity, receiving large amounts of private loans from the U.S.
Great Depression
· Though economic prosperity lasted until the late 1920s, the stock market crash destroyed the economy. Production failed and financial panic in the U.S. led to a greater worldwide financial crisis.
· There were 2 factors; no leader to maintain stability when the crisis came. Secondly, there was a poor national economic policy in almost every country as governments usually cut their budgets and reduced spending, essentially halting their economies.
· There was massive unemployment during the years of the crisis.
· President FDR’s goal was to reform capitalism in order to preserve in his plan “New Deal”
§ The plan eventually brought the U.S. out of the depression
World War II
· Stalin’s five year plans to increase the country’s industrial output and agricultural production, with a focus on heavy industry.
· Hitler wanted to lift the economic hardships brought from the Treaty of Versailles off of Germany’s shoulders.
· The war led to a European economic integration with the formation of a common market for steel and coal.
· The postwar period in the 1960s experienced industrial decline, particularly in France and the United Kingdom
The Cold War
· The arms race led to the creation of thousands of jobs and the workers filling those jobs demanded products- televisions, cars, etc.
· The technological advancements spurred the space race and computers development.
The Euro
· Unified European Nations with one currency to eliminate exchange rates and to make currency fluctuation risks minimal.
1700-1850
- Conditions in 1700- Life was a struggle for the common people and peasants on the land and artisans working in shops lived lives barely better than in the middle ages. The economic basis for European life was beginning to change as the economy in Europe began to emerge from the crises of the seventeenth century and began to expand and respond to challenges
- Agriculture
· The Open Field System
· The Agricultural Revolution
· Enclosure
· The Low Countries and England
§ Jethro Tull
The Population explosion
· Because of an improving economy there was less famine and people were able to eat better and survive longer
· As a result population growth skyrocketed
The Cottage Industry
· The Putting-out system
§ Family roles
· The textile industry
- The Atlantic Economy
· Trade patterns
· The Atlantic Slave trade
Adam Smith and Economic Liberalism
· The “Invisible Hand”
Revolutions because of the Economy
· Liberty and Equality
· French Revolution
§ National debt
§ Estates in France
§ Bread riots
§ Planned Economy under Robespierre
The Industrial Revolution
· Origins
· First Factories
§ Textile Industry
· Steam engines
§ James Watt
· Railroads
§ Creation of National Markets
· Population
§ Thomas Malthus
§ David Ricardo and Iron Law of Wages
Economic Nationalism
· Tariff Protection
Class Consciousness
Working Conditions
· Pauper Apprenticeship
· Family Units
· Terrible conditions
· Factory Act of 1833
Sexual division of labor
· Mines Act of 1842
Labor movement
· Combination Acts
· Grand National Consolidated Trades Union
Liberalism
· Laissez-faire economy
· Unrestricted private enterprise and no government interference in the economy, a free economy
· Adam Smith
· Britain
The great famine in Ireland
Mid 1800s - Present
- Contributing to the unification of Germany, the Zollverein, organized in the 1830s, was a coalition of German states formed to manage tariffs and other economic policies within their territories. It stabilized relations and established alliances between German states
- Prior to the revolutions, in the late 1840s, Europe was in an economic crisis.
§ Prices skyrocketed as bad harvests plagued Ireland
- Revolutions of the mid 19th century
· In France, the socialist revolution caused peasants to outbreak.
§ Conservatives sided with the republic of France against the peasants and socialists
§ The clash between liberal capitalism and socialism because a clash between the classes.
· Pushed back and forth between Liberalism and Conservatism.
By 1850, working conditions and wages increased due to the rise of socialism and the Proletariat
· The Ten Hours Act of 1847 limited the workday for women and young people in factories to obviously 10 hours
· Repealment of Corn Laws in 1846 - with this, it was allowed for free imports of grain and Great Britain lived with the liberal doctrine of free trade as it became almost sacred dogma.
§ The working class, as seen here, was able to compromise with the middle class and aristocracy to better their working conditions.
· The Communist Manifesto, by Karl Marx and Friedrich Engels was published in 1848, and it gave rise to Marxian Socialism.
§ The book described the gap and problems between the bourgeoisie and the proletariat as modern industry advanced and economic classes were split more clearly.
Continuation of the Growth of Industry
· As cities began to grow, the population began to spread out to the rural areas. Urban planning and movements were made in cities like Paris, with people like Edwin Chadwick and Georges Haussmann.
· As Industry grew, transportation was needed throughout Europe, which involved the use of steamships and railroads.
· The European economy became centralized around industry with mass production and the use of iron and steel, encouraging the use of machinery.
· Economic Impacts
§ Laissez Faire v. Centralized economy
§ Central Corp Banks; Credit Profession
§ Industry Creates Jobs
§ Diversified Economy
§ Rise in Consumerism, advertising, mass marketing
§ Rise in standard of living (Bigger Pie on Bigger Piece)
§ Opposition to change (Luddites)
§ Increasing Gap between owners and laborers
§ Speed of production/changing nature of work
§ Bureaucratization of work
§ Related Industries
As Industry was booming, the growth of the World Market exploded
· The use of the Suez Canal and the Panama Canal for quicker trade routes and more efficient marketing/trading
· The value of world trade in the early 19th century was 25 times that of in 1800 at $38 billion.
· Great Britain dominated the market as it successfully used its colonial empire with the technological breakthroughs to manufacture more goods for export markets in Europe, then in their colonies around the world.
· Millions of people sought to migrate for better economic lives and European life increased its standards due to the medical and technological revolution.
World War I
· Time of economic productivity competition
· Unemployment rates dropped because of the mass production and war effort in the participating countries.
· However, after the war, the economic effect of WW2 included the Treaty of Versailles in that it had destroyed the German economy, which then affected the rest of the world with the Great Depression.
· The Dawes Plan was adopted in 1924 in hope to return Germany to a level of economic prosperity, receiving large amounts of private loans from the U.S.
Great Depression
· Though economic prosperity lasted until the late 1920s, the stock market crash destroyed the economy. Production failed and financial panic in the U.S. led to a greater worldwide financial crisis.
· There were 2 factors; no leader to maintain stability when the crisis came. Secondly, there was a poor national economic policy in almost every country as governments usually cut their budgets and reduced spending, essentially halting their economies.
· There was massive unemployment during the years of the crisis.
· President FDR’s goal was to reform capitalism in order to preserve in his plan “New Deal”
§ The plan eventually brought the U.S. out of the depression
World War II
· Stalin’s five year plans to increase the country’s industrial output and agricultural production, with a focus on heavy industry.
· Hitler wanted to lift the economic hardships brought from the Treaty of Versailles off of Germany’s shoulders.
· The war led to a European economic integration with the formation of a common market for steel and coal.
· The postwar period in the 1960s experienced industrial decline, particularly in France and the United Kingdom
The Cold War
· The arms race led to the creation of thousands of jobs and the workers filling those jobs demanded products- televisions, cars, etc.
· The technological advancements spurred the space race and computers development.
The Euro
· Unified European Nations with one currency to eliminate exchange rates and to make currency fluctuation risks minimal.