Mercantilism and the Rise of Capitalism; The Industrial Revolution

Question 1

Commercial Revolution

Answer 1

The inflation as a result from conquest of the New World stimulated production because craftsmen, merchants, and manufacturers could get good prices for their products. ==> a rise in the political influence and social status of the middle class, the nobility suffered from a diminished standard of living

Question 2

Capitalism

Answer 2

investing capital instead of labor in some venture in order to make profit. The bourgeoise used money to make money in the 17th and 18th century (invested in chartered companies, joint-stock companies)

Question 3

Industrial Revolution

Answer 3

-a period of rapid development from between around 1780 and 1830 during which new forms of energy from coal and other fossil fuels powered machines rather than muscles, water, or wind
-steam engine powered spinning jenny, waterframe, power looms
-large factories emerged
RESULTS
-increased production and availability of manufactured goods
-increased material prosperity
-increased consumption==> more jobs
-poor conditions for factory workers
-emergence of two new classes: industrial capitalists and factory workers

Question 4

Medieval Common Lands

Answer 4

fenced off by the Enclosure Acts

Question 5

Industrial Proletrariat

Answer 5

working industrial class

Question 6

Sadler Commission

Answer 6

helped initiate legislation to improve working conditions in factories in Great Britain

Question 7

Child Labor Laws

Answer 7

Limited # of hours children could be required to work, sexual division of labor emerged. Results:
-men became main breadwinners, married woman stayed at home to raise children

Question 8

Jeremy Bentham

Answer 8

utilitarianism

Question 9

utilitarianism

Answer 9

“the greatest good for the greatest number,” influenced public health movement

Question 10

Thomas Malthus

Answer 10

population increased at a geometric rate while the food supply increased arithmetically, poverty is a divine punishment for humankind’s lust

Question 11

David Ricardo

Answer 11

Iron Law of Wages, cycle

Question 12

Comte de Saint-Simon

Answer 12

one of the founders of French socialism, advocated public ownership of factories, planned economy

Question 13

Karl Marx

Answer 13

Communist Manifesto w/ Engels, Hegelian dialectic, class struggle, inevitable revolution, dictatorship of the proletrariat, communism (no private property, no economic exploitation)

Question 14

James Watt

Answer 14

created the first steam engine with a condensing chamber

Question 15

Overseas colonization (Old Imperialism)

Answer 15

encouraged by mercantilism
16th c powers: Spain and Portugal
17th c powers: Dutch, English, and French

Question 16

Utopian Socialists

Answer 16

rejected the “dismal science” of classical economists and sought solutions to the plight of the masses

Question 17

Robert Owen

Answer 17

humane working conditions (shorter workday, decent housing, free education)