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Title: Economics Review


1
Economics Review
2
The Commercial Revolution and the Columbian
Exchange (Sixteenth Century)
3
What is the Commercial Revolution?
  • The shift from a town-centered economy to a
    nation-centered economy.
  • The emergence of commercial capitalism

4
Causes
  • Population increase
  • Europe in 1600 90 million people
  • 20 million of those added in the 16th Century
  • Inflation
  • Devaluing of currency
  • Prices go up, wages go down
  • Actually helped emerging entrepreneurs

5
Emerging Capitalism
  • Putting out system
  • New Monarchies
  • New banking systems
  • commercial capitalism
  • Capital and labor
  • Mercantilism
  • favorable balance of trade
  • bullionism
  • Self-sufficiency
  • Role of the government

6
The Price Revolution
  • Population growth rise in inflation
  • Spain and the New World
  • The Columbian Exchange
  • From the New World
  • To the New World
  • Results for Europeans
  • Results for Native Americans

7
The Cottage Industry(a.k.a. putting out system)
  • Pros
  • Avoided guilds
  • Helped farmers supplement income
  • Created entrepreneurs
  • Created new consumer goods
  • Work could be done at home
  • Cons
  • Inefficient
  • Workers spread out in many places
  • Labor wasnt coordinated and organized
  • Lack of capital

8
The Physiocrats
  • Francois Quesnay (1694-1774)
  • Pierre Dupont de Nemours (1739-1817)
  • Anti-mercantilism
  • Anti-regulation
  • Concerned with agriculture
  • Governments role protect property and enforce
    laws

9
The Economics of the Industrial Revolution
  • Classical Economics

10
Adam Smith
  • Laissez-faire capitalism
  • Competition
  • Self-interest
  • Division of Labor

11
Supply and DemandThe Free Market
12
Thomas Malthus (1766-1834)
  • An Essay on the Principle of Population (1798)
  • Population will outgrow the food supply
  • Advocated a laissez-faire approach
  • Dont help the poor

13
David Ricardo (1772-1823)
  • The Iron Law of Wages
  • Wages will always be at a subsistence level

14
The Utopian Socialists
15
Robert Owen (1771-1858)
  • Paternalistic Capitalism
  • New Harmony, Indiana

16
Count de Saint Simon (1760-1825)
  • Founder of French Socialism
  • Public ownership of industrial capital
  • Goal of society improve conditions of the poor

17
Charles Fourier (1772-1837)
  • Poverty is the cause of all social problems
  • Social communities
  • Phalanxes

18
The Utilitarians
  • John Stuart Mill
  • Jeremy Bentham
  • The Greatest Good for the Greatest Number

19
Louis Blanc (1811-1882)
  • Social Workshops
  • Goal out-compete private industries
  • Played a role in the 1848 Revolution

20
Scientific Socialism
21
Karl Marx (1818-1883) and Friedrich Engels
(1820-1893)
22
The Communist Manifesto (1848)Das Kapital (1867)
23
Main Ideas
  • Class conflict
  • Impact of Industrialization
  • Alienation
  • Labor Theory of Value
  • Dialectical Materialism
  • Hegels dialectic turned on its head
  • An inevitable historical process (hence
    scientific socialism)

24
Thesis
Antithesis
Synthesis (New Thesis)
Antithesis
ALL OF THIS FUNCTIONS IN THE REALM OF IDEAS FOR
HEGEL
Synthesis (New Thesis)
Antithesis
ABSOLUTE IDEA The Ultimate Synthesis
(Eventually)
25
Master
Slave
F E U D A L I S M
Nobility
Peasants
C A P I T A L I S M
ALL OF THIS FUNCTIONS IN THE REALM OF ECONOMICS
FOR MARX
Bourgeoisie
Proletariat
COMMUNISM The Ultimate Synthesis
(Eventually)
26
Dialectical Materialism
  • Marx framed this in economics
  • CLASS CONFLICT
  • Stages of history (these are scientific)
  • Primitive communism
  • Slavery
  • Feudalism
  • Capitalism
  • Communism
  • It is not the consciousness of humans which
    determines their being. It is their social being
    which determines their consciousness.

27
Socialism After 1870
  • The First International (1864-1876)
  • Trade Unions
  • Legal in Britain, 1871
  • Legal in France, 1884
  • Most powerful in Germany
  • Revisionist Socialism
  • Jean Jaures (France, 1859-1914)
  • Eduard Bernstein (Germany, 1850-1932)
  • The Erfurt Program (Germany, 1891)
  • Improve lives of workers, not work for revolution
  • The Fabian Society (England, 1884)
  • The Labor Party (England, 1906)
  • The Second International (1889-1916)
  • Denounced opportunism
  • Bolshevism and Leninism
  • Changes to Marxism

28
Sample Essay Questions
29
  • Describe and compare the differences among
    Utopian socialists, Karl Marx, and Revisionist
    Socialists in their critiques of 19th century
    European economy and society.

30
  • In the 15th century, European society was still
    centered on the Mediterranean region, but by the
    end of the 17th century, the focus of Europe had
    shifted north
  • Identify and analyze the economic developments
    between 1450 and 1700 that helped bring about
    this shift.

31
  • How and in what ways were economic and political
    factors responsible for intensifying European
    imperialist activity in Africa from the mid-19th
    century to the beginning of the First World War?

32
  • Analyze changes in the European economy from
    1450 to 1700 brought about by the voyages of
    exploration and by colonization. Give specific
    examples.

33
  • Describe and analyze the issues and ideas in the
    debate in Europe between 1750 and 1846 over the
    proper role of government in the economy. Give
    specific examples.

34
  • Analyze the common political and economic
    problems facing Western European nations in the
    period 1945-1960 and discuss their responses to
    these problems.

35
  • Analyze the influence of the theory of
    mercantilism on the domestic and foreign policies
    of France, 1600-1715.

36
  • Analyze the key developments that characterized
    the European economy in the second half of the
    nineteenth century.

37
  • Both Jean-Baptiste Colbert (1619-1683) and Adam
    Smith (1723-1790) sought to increase the wealth
    of their respective countries. How did their
    recommendations differ?

38
  • Explain the reasons for the rise of the
    Netherlands as a leading commercial power in the
    period 1550-1650.

39
  • Discuss the economic policies and institutions
    that characterized mercantilist systems from
    1600-1800.

40
  • How and to what extent did the Commercial
    Revolution transform the European economy and
    diplomatic balance of power in the period
    1650-1763?

41
  • Describe and analyze economic policies in
    Eastern and Western Europe after 1945.

42
  • Compare and contrast the social and economic
    roles of the state in seventeenth and eighteenth
    century Europe (before 1789) to the social and
    economic roles of the state in Europe after the
    Second World War.
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