Rise of Modern Capitalism (16th/15th C) Flashcards
What was the dissolution of the manorial system?
Marked a shift from agrarian based economics to more diverse production and commerce.
What did the dissolution of the manorial system do?
Rigid feudalism broken down, serfs (laborer’s) gain more freedom and land owners had new source of revenue.
What did the rise of guilds bring about?
Artisans/merchants, organized by guilds to regulate trade practices, control market access and set standards for quality
Why did competition increase?
Due to monopolistic practices
What did Urban manufacture involve?
A larger scale of production located in cities (Artisans having privileged access to markets/resources) and ‘parasitic’ on government due to a reliance on state protection and intervention.
What did country manufacture involve?
Smaller scale of production in rural areas (independent producers/small workshops)
What was the new social class which emerged upon the migrating craftsmen?
Yeomanry (independent farmers and manufacturers integral to capitalist economy).
What is Max Weber’s theory?
Modern Capitalism emerged in regions with economic ideas opposing capital. Practices based on Protestant values with an emphasis on hard work, frugality and profit making.
What places emerged as places of modern capitalism and why?
Britain, Netherlands and New England, largely due to high Protestant populations
Why was Protestantism relevant to work ethic?
Protestant work emphasized diligence and viewed work as a divine calling, thus contributing to the capitalist mindset
What did religious theory mean for profit making?
It became both rationalized and villainized.
What three main things did the ‘spirit of capitalism’ do?
Work viewed as divine calling, encouraged workers to adopt rational approach to labor and grew capitalist practices.
What did the idea of work as a divine calling lead to?
It encouraged a life of asceticism (avoiding forms of indulgence) among Protestants.
What reinforced financial success as a sign of divine favor?
The diligent pursuit of work intertwined with religious faith
What did ‘divine work’ lead to?
The unintended accumulation of wealth with earnings being a byproduct of hard work but also validation of religious commitment.
