Why did capitalism spread so successfully around the world? Flashcards
Institutional Innovations, Property Regime Transformations, Global Trade Networks
What significant movement in Britain started in 1604 and contributed to the spread of capitalism?
The Enclosure Movement
The Enclosure Movement involved converting communal land into private property.
What theory legitimized the transformation of communal land into private property?
Locke’s labor theory
Locke’s labor theory posits that property rights are justified by the labor one invests in the land.
How did capitalism spread globally?
Through imperial power that established diverse property systems
This included various systems influenced by British practices and theories.
What were the encomiendas in New Spain?
A system of land grants and forced labor
Encomiendas were used by the Spanish to control indigenous populations and land.
What type of companies were established in New England that contributed to capitalism?
Charter companies
Charter companies were granted rights by the crown to trade and govern in specific areas.
What land system was used in India that played a role in the establishment of capitalism?
Zamindar system
The Zamindar system involved local landlords collecting taxes from peasants.
What early market system existed in China that contributed to capitalism?
Early private land markets
These markets allowed for the buying and selling of land, facilitating economic transactions.
Fill in the blank: The Enclosure Movement created the template for converting communal land into _______.
private property
What system does Adam Smith discuss in relation to imperial expansion?
The mercantile system
Name two monopoly companies mentioned by Adam Smith.
- Dutch East India Company
- English East India Company
How did monopoly companies like the Dutch and English East India Companies establish control?
By controlling territories and trade routes
What impact did these companies have on local economies?
They transformed local economies and reorganized property and production
In which regions did the monopoly companies operate?
- New Spain
- East Indies
- Other colonial territories
What did Smith note about the global reach of capitalist institutions?
They facilitated the spread of trade networks and commercial systems globally
True or False: The reading portrays monopoly companies as entirely beneficial.
False
Fill in the blank: Adam Smith discusses how monopoly companies created new _______ systems in colonial regions.
property
