4.1 part 2 Flashcards
Bank of England
when government needed to borrow money, they gave the bank of england a credit. then the bank of england can issue bank notes to the public.
Public or national Debt
the public debt is when the government borrows money
Finance
- as financial system is bigger and stronger because there are private and public banks, paper currency and increased credit. this allowed more credit and money to build large factories and products
- gold and silver was declining so they used banks and paper money to expand credit where public and private banks gave out more loans
- france had a speculating bubble and it collapsed and people lost confidence in the paper money and led to not having a national bank and it’s public finance developed slowly
- britain was confidence and the government was able to borrow money with low interest rates
- the dutch was the leader in finance until 19th century
European industry
Britain and france were leaders in the production of wool
Cotton
- people wanted light weighted, less expensive cotton clothes
- because the traditional methods of cotton industry couldn’t keep up with demand, they created new machines and methods
Richard Arkwright
invented water frame which turned out yarn much faster than cottage spinning wheels
New Machines and Methods
- flying shuttle sped up the process and created a need for more yarn
- Richard Arkwright/ water frame
- because of more yarn from water frame, mechanized looms were invented
Mercantile Empires and Worldwide Trade
- growth of commercial capitalism, led to integrated markets, joint-stock trading companies, and banking and stock exchange facilities.
- mercantilist theories (look at all the stuff in previous chapters) believed the colonies were markets when selling them stuff and could get raw materials from them
- the increase in overseas trade with colonies led to a global economy
- the international trade was growing
- more merchant fleets
- trade led to the growth of towns and cities and industries
The Social Order of the 18th century
- social status was determined by division into estates which determined by hereditary (instead of money and economic standing) and was unchanging and based on privilege (same as middle ages)
- christians supported, but enlightenment thinkers did not and argued that this social order was hostile to the progress of society
Peasants
- big legal difference between legal peasants and serfs (russia, germany)
- when there was a bad harvest, there was famine and exposed to disease
Western Europe Peasants
- peasants had give tithes that ended up with the towns and landowners instead of priests
- they had dues and fees, and aristocrats had hunting rights on peasant lands and monopolies
Eastern Europe Peasants
- there were estate owners and serfs
- serfs were controlled by land owner who had legal jurisdiction and were basically the judges
the 18th century Village
- they were the centers of peasant social lives
- they helped with a bunch of stuff, but were dominated by the wealth and resistant to innovations
Peasant Diet
- same as middle ages but had potato and corn from america
- dark bread was basic staple
- ate stuff made out of grains and vegetables
- potatoes and corn
Nobility
-when born a noble, you had special rights and legal privileges
-they were aware of their unique style and were willing to bend their lifestyle to gain profits
-they ate a lot of stuff
-(same as middle ages) they were military officers
tradition said nobles were the best officers and in the 18th century, the nobility controlled the administrative machinery of the state and local governments
-anyone with money, land, or government offices was noble status
-court society and country house
Comparing nobility across the world
- within each country, some nobles varied in education, wealth and political power
- england used tenant farmers
- spain and italy had few government functions
- east: nobles used serfs
- russia and prussia people served the state
Court Society
- influenced by louis XIV’s versaille
- it was the center of culture
- common characteristics were doing stuff to win king’s favor, walks in gardens, duels to maintain one’s honor
Country House
- in england, aristocrats put a lot of effort to their rural estates instead to their houses in the city
- most were built in georgian style
- these houses showed the people’s domination of the countryside
- the separation between lower and upper floors showed the desire for privacy
- servants were at different quarters
- at first it was men interests that reflected the arrangement of the house, but then it was women
Georgian style
elegance with domesticity
The effect of Enlightment on high culture
- the aristocrats were cosmopolitanism through education in latin and french language
- traveling showed enlightenment sophistication and interest in new vistas
The Grand tour
- english rich sons completed their education by traveling to different european cities and was seen as crucial to education
- tutors went with sons, but sons still goofed off with girls and wine and prostitutes
- saw art and ancient ruins and modern sights
Traveling in the 18th century
- it was tough to go to places
-inns had thieves and bedbugs
english used a lot of money for servants and etc… (unlike the french)
Thomas Gainsborough
- work: Conservation in the Park
- rich people in a park of their estate
Town
- there were more rural than urban dwellers
- the large city(education, culture) and countryside (peasants, poor) were very different
- people in towns lived off the countryside by not buying peasant produce but by getting it through tithes, rents and dues
- partitions dominated the government but were still a minority
- there were small guild workshops that became closed oligarchies were membership was only to relatives of masters and many skilled workers had to become low paid workers
- unskilled workers had few employments opportunities and led to poverty
- there were high death rates because of the unsanitary living and although the plague was gone
- immigrants caused overcrowding
Poverty
- it was in the cities and countryside
- before, it was a christian’s duty to help the poor
- then….. helping the poor meant encouraging their unemployment which leads to crime
- enlightenment people wanted to the state to help with poverty
- the french tried to do projects to give people jobs but there wasn’t enough funds
Agricultural Revolution
- more food production because of more farmland, increased yields per acre, livestock, improved climate
- potato and maize from america
- these new techniques were best for large scale farms and caused large owners to put together their small holdings into a big one and enclosed it
- instead of open field system where people cooperated with each other, there were large scale, enclosed farms and no more cooperation
- in england, and the low countries, there was enclosed land
Agricultural Revolution and more farmland
- no longer the open field system where land was uncultivated to renew it
- the empty fields now had new crops that restored the soils fertility and gave food for livestock
Agricultural revolution and more live stock
with more animals, more meat in diets and manure as fertilizer then more food
Jethro Tull
- created a hoe that kept the soil loose then more moisture for the plants and then they can grow better
- created a drill that put seeds in a row instead of scattering
Agricultural revolution and potato
- staple in low countries where peasants had to survive on small areas of land
- could grow in large quantities with little effort
Cottage industry/ putting out system / domestic system
- cities used timeworn methods
- 18th century, textile production moved to the countryside where they used putting out or domestic system
- entrepreneurs bought raw materials and workers spun and wove it
- entrepreneurs then sold the product, got money which they used it to manufacture more
- was a family enterprise
