lecture 2

Question 1

what are the characteristics of feudalism?

Answer 1

1. production according to need
2. serfs own land and output
3. barter economy (self-sufficiency)
4. catholic religion - profits are sinful
5. weak political authority

Question 2

what are the characteristics of capitalism?

Answer 2

1. production according to profit
2. workers do not own output or tools
3. monetary economy (market-based exchange)
4. market based prices
5. string central government
6. specialisation and innovation

Question 3

how did technology help transition from a feudalistic economy to a capitalist society?

Answer 3

1. 3 field system - boosted productivity by 50% so population doubled between 1000 and 1300
2. more output led to more horses so 4 wheeled carts introduced leading to enhanced agricultural productivity
3. more productive agriculture meant less hands needed to farm more skills developed

Question 4

what is an enclosure?

Answer 4

the lords enclosed common land for their own use rather than public use

Question 4

what did the 1066 norman conquest do?

Answer 4

unified england gradually weakening feudal ties

Question 5

what did the navigation act of 1381 do?

Answer 5

granted english ship owners protection and rights of specific trades who were supported by monarchs and governments

Question 5

what did the 1492 discovery of the Americas do?

Answer 5

huge profits from trade

Question 6

what did the 1519 protestant reformation do?

Answer 6

made trade and profit a virtue not a moral sin so protestant states such as england grew more rapidly

Question 7

when was the bank of england established and what for?

Answer 7

1694 - to fund wars but also to support trade and to enforce legal rules for trade