MERCANTILISM VS CAPITALISM
•Download as PPTX, PDF•
1 like•7,271 views
Mercantilism and capitalism are compared in the document. Mercantilism views wealth as physical capital like gold and silver, while capitalism sees private ownership and free markets as determining production and prices. The implications of these theories for European expansion were that mercantilism led to poorer economies that could not expand territorially due to lack of alliances and trade. Capitalism evolved in the 20th century so that workers received better pay and benefits based on their performance. Capitalism is not a new form of mercantilism, as it focuses on individuals profiting from buying and reselling goods rather than just selling locally.
Report
Share
Report
Share
Recommended
Economic Systems.Ppt Edited
The document discusses different economic systems including capitalism, mercantilism, communism, socialism, and market economies. It provides background on the origins and key concepts of each system. Capitalism emerged in Europe during the Enlightenment and has roots in earlier mercantilism practices from Rome and the Middle Ages. Communism is based on the political philosophy outlined by Karl Marx in The Communist Manifesto. Socialism argues for public rather than private control of resources. Market economies rely on supply and demand with little government intervention.
Economic Systems
The document discusses different economic systems including capitalism, mercantilism, communism, socialism, and market economies. It provides background on the origins and key concepts of each system. Capitalism emerged in Europe during the Enlightenment and has roots in earlier mercantilism practices from Rome and the Middle Ages. Communism is based on the political philosophy outlined by Karl Marx in The Communist Manifesto. Socialism advocates for public rather than private control of resources. A market economy relies on supply and demand with little government intervention.
Economic Systems
The document discusses different economic systems including capitalism, mercantilism, communism, socialism, and market economies. It provides background on the origins and key concepts of each system. Capitalism emerged in Europe during the Enlightenment and has roots in earlier mercantilism practices from Rome and the Middle Ages. Communism is based on the political philosophy outlined by Karl Marx in The Communist Manifesto. Socialism advocates for public rather than private control of resources. A market economy relies on supply and demand with little government intervention.
Economic Systems.Ppt Edited
The document discusses different economic systems including capitalism, mercantilism, communism, socialism, and market economies. It provides background on the origins and key concepts of each system. Capitalism emerged in Europe during the Enlightenment and has roots in earlier mercantilism practices from Rome and the Middle Ages. Communism is based on Marxist philosophy as outlined in The Communist Manifesto. Socialism advocates for public rather than private ownership and control of resources. A market economy relies on supply and demand with little government intervention to guide economic decisions.
C:\fakepath\spain and silver
The document discusses how the Spanish discovery of silver in the Americas impacted the world. Silver became the first truly global commodity due to the vast quantities mined in Potosi, Bolivia. This flooded international markets and established Spain's economic dominance for over a century due to the wealth generated from American silver mines. However, overdependence on silver eventually led to inflation and economic decline in Spain.
IBE303 International Economic Lecture 4
- No class will be held next week on July 26th, 2010.
- The midterm exam is scheduled for August 2nd, 2010 from 8:45-10:15.
- Today's lecture slides can be found online at the provided link.
Global Silver Trade 1450-1750
Global silver trade in the 16th-17th centuries connected the economies of Europe, Asia, and the Americas. Silver from Spanish colonies in the Americas fueled trade between Europe and Asia via ships like the Manila Galleons, as the Spanish used silver to trade for goods like silk and spices. This global trade boom led to economic growth in countries like China but the Spanish economy collapsed when silver values dropped after too much was mined.
Mercantilism By Mubashar
This document provides an overview of the economic theory of mercantilism. Some key points:
- Mercantilism held that a nation's strength depended on its wealth, which was measured by gold and silver reserves. It aimed to increase these reserves through trade surpluses.
- Mercantilism developed between the 16th-18th centuries in Western Europe as the nation state rose and feudalism declined. It was influenced by changes in technology, the Black Death pandemic, and influxes of New World gold and silver.
- Major tenets included using economic policy as a way to increase state power, promoting domestic production and exports over imports, and obtaining trade surpluses to bring gold
Recommended
Economic Systems.Ppt Edited
The document discusses different economic systems including capitalism, mercantilism, communism, socialism, and market economies. It provides background on the origins and key concepts of each system. Capitalism emerged in Europe during the Enlightenment and has roots in earlier mercantilism practices from Rome and the Middle Ages. Communism is based on the political philosophy outlined by Karl Marx in The Communist Manifesto. Socialism argues for public rather than private control of resources. Market economies rely on supply and demand with little government intervention.
Economic Systems
The document discusses different economic systems including capitalism, mercantilism, communism, socialism, and market economies. It provides background on the origins and key concepts of each system. Capitalism emerged in Europe during the Enlightenment and has roots in earlier mercantilism practices from Rome and the Middle Ages. Communism is based on the political philosophy outlined by Karl Marx in The Communist Manifesto. Socialism advocates for public rather than private control of resources. A market economy relies on supply and demand with little government intervention.
Economic Systems
The document discusses different economic systems including capitalism, mercantilism, communism, socialism, and market economies. It provides background on the origins and key concepts of each system. Capitalism emerged in Europe during the Enlightenment and has roots in earlier mercantilism practices from Rome and the Middle Ages. Communism is based on the political philosophy outlined by Karl Marx in The Communist Manifesto. Socialism advocates for public rather than private control of resources. A market economy relies on supply and demand with little government intervention.
Economic Systems.Ppt Edited
The document discusses different economic systems including capitalism, mercantilism, communism, socialism, and market economies. It provides background on the origins and key concepts of each system. Capitalism emerged in Europe during the Enlightenment and has roots in earlier mercantilism practices from Rome and the Middle Ages. Communism is based on Marxist philosophy as outlined in The Communist Manifesto. Socialism advocates for public rather than private ownership and control of resources. A market economy relies on supply and demand with little government intervention to guide economic decisions.
C:\fakepath\spain and silver
The document discusses how the Spanish discovery of silver in the Americas impacted the world. Silver became the first truly global commodity due to the vast quantities mined in Potosi, Bolivia. This flooded international markets and established Spain's economic dominance for over a century due to the wealth generated from American silver mines. However, overdependence on silver eventually led to inflation and economic decline in Spain.
IBE303 International Economic Lecture 4
- No class will be held next week on July 26th, 2010.
- The midterm exam is scheduled for August 2nd, 2010 from 8:45-10:15.
- Today's lecture slides can be found online at the provided link.
Global Silver Trade 1450-1750
Global silver trade in the 16th-17th centuries connected the economies of Europe, Asia, and the Americas. Silver from Spanish colonies in the Americas fueled trade between Europe and Asia via ships like the Manila Galleons, as the Spanish used silver to trade for goods like silk and spices. This global trade boom led to economic growth in countries like China but the Spanish economy collapsed when silver values dropped after too much was mined.
Mercantilism By Mubashar
This document provides an overview of the economic theory of mercantilism. Some key points:
- Mercantilism held that a nation's strength depended on its wealth, which was measured by gold and silver reserves. It aimed to increase these reserves through trade surpluses.
- Mercantilism developed between the 16th-18th centuries in Western Europe as the nation state rose and feudalism declined. It was influenced by changes in technology, the Black Death pandemic, and influxes of New World gold and silver.
- Major tenets included using economic policy as a way to increase state power, promoting domestic production and exports over imports, and obtaining trade surpluses to bring gold
Capitalism And Capitalism
Capitalism originated in medieval Europe and transitioned from feudalism. It is an economic system defined by private ownership and the production of goods to generate profit. While capitalism has led to economic growth and prosperity, it also creates inequalities between social classes. Marx criticized capitalism for treating workers as commodities and enabling exploitation by capitalists.
Capitalism
The document discusses capitalism from several perspectives. It begins with an introduction to capitalism and its key principles of private ownership, profit, and voluntary exchange. It then provides a historical overview of capitalism from its pre-history through modern eras like mercantilism, industrialization, and globalization. The document also examines different types of capitalism like free market capitalism and state capitalism. It outlines both advocacy for capitalism's ability to drive economic growth and self-organization, as well as criticisms around inequality and unfair distribution of wealth and power.
Capitalism Pre capitalist Mercantili.docx
Capitalism
Pre capitalist
Mercantilism is economic nationalism for the purpose of building a wealthy and powerful state. Adam Smith coined the term “mercantile system” to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports. (Library of economics and liberty)
The goal of these policies was, supposedly, to achieve a “favourable” balance of trade that would bring gold and silver into the country and also to maintain domestic employment
the mercantile system served the interests of merchants and producers such as the British East India Company, whose activities were protected or encouraged by the state.
The most important economic rationale for mercantilism in the sixteenth century was the consolidation of the regional power centres of the feudal era by large, competitive nation-states.
Enclosure Acts (1604 – 1914)– land publicly used for grazing , crops became the property of landlords – who then increased rent – pushing people toward the cities to earn a living
Other contributing factors were the establishment of colonies outside Europe;
the growth of European commerce and industry relative to agriculture;
the increase in the volume and breadth of trade; and the increase in the use of metallic monetary systems, particularly gold and silver, relative to barter transactions.
Growth of empire building (and military)
During the mercantilist period, military conflict between nation-states was both more frequent and more extensive than at any other time in history. The armies and navies of the main protagonists were no longer temporary forces raised to address a specific threat or objective, but were full-time professional forces.
Each government’s primary economic objective was to command a sufficient quantity of hard currency to support a military that would deter attacks by other countries and aid its own territorial expansion.
In exchange for paying levies and taxes to support the armies of the nation-states, the mercantile classes induced governments to enact policies that would protect their business interests against foreign competition.
For example; In France, Jean-Baptiste Colbert, the minister of finance under Louis XIV from 1661 to 1683, increased port duties on foreign vessels entering French ports and provided bounties to French shipbuilders.
In Britain - the Navigation Act of 1651 prohibited foreign vessels from engaging in coastal trade in England and required that all goods imported from the continent of Europe be carried on either an English vessel or a vessel registered in the country of origin of the goods. Finally, all trade between England and its colonies had to be carried in either English or colonial vessels
But then
The innovation and invention thoprugh science and reasoning led to the
Eric Hobsbawm did not exaggerate when he opined that “the Industrial Revolution marks the most fundamental transformation of human lif ...
Industrial Age Economic Theories
The document summarizes key economic theories from the Industrial Age, including:
1) Mercantilism dominated the Commercial Age but was criticized by Adam Smith who advocated for laissez-faire capitalism in his book "The Wealth of Nations", arguing that free trade regulated by the invisible hand was most effective.
2) Karl Marx built on these ideas and developed theories of socialism, arguing that capitalism inevitably leads to conflict between the bourgeoisie and proletariat and can only be overcome through socialist revolution and the dictatorship of the proletariat.
3) Marx's theories, outlined in "The Communist Manifesto", influenced the development of communism in the 20th century though his ideas did not foresee later developments
capitalism-140225095335-phpapp02.pdf
Capitalism is an economic system defined by private ownership and control of trade and industry. It has a long history of violence and coercion in establishing itself globally through enclosures, imperialism, and crushing resistance. While it presents itself as natural, capitalism was spread through organized violence by elites. Competition within capitalism means both business owners and workers experience alienation, as bosses must prioritize profit and market forces over all else. There are various types of capitalism and it aims to efficiently produce goods but also creates problems like inequality, boom/bust cycles, and social divisions.
Communism
Communism and capitalism are opposing economic systems that emerged as dominant ideologies during the Cold War. Communism is defined as a classless, stateless social organization based on common ownership, while capitalism is based on mostly private ownership and investment for profit. Key figures that influenced these systems include Adam Smith, who advocated for natural liberty and laissez-faire economics, and Karl Marx, who predicted that capitalism would be overthrown through proletariat revolution and communism would emerge. The Cold War was characterized by tensions between capitalist United States and communist Soviet Union, and nearly escalated to nuclear war during the Cuban Missile Crisis. Criticisms of communism include that it led to over 50 million deaths and failed to account for human
Economic Systems Lecture (part 3)
The document discusses the rise of capitalism and Marxism. It describes how traditional and mercantile economies worked before capitalism emerged. Capitalism began during the Industrial Revolution when new technologies allowed for factory production. While capitalism brought economic growth, it also increased inequality which Marx criticized. Marx believed capitalism would inevitably be replaced by communism through class struggle. Lenin established communist governments to forcibly create communism, and the USSR was formed as a socialist state seeking to achieve communism.
Is Capitalism The New Mercantism (4)
This document discusses capitalism, mercantilism, and their implications. It begins by defining capitalism as a private economic system where individuals and businesses exchange goods and services through complex market transactions. It then defines mercantilism as Europe's 16th-18th century economic policy focused on acquiring gold and silver. It questions if capitalism is the new mercantilism since both aim to expand production and trade. It also discusses how mercantilism drove European expansion through the slave trade and search for resources like gold. Finally, it summarizes how capitalism faced crises in the 20th century from wars and ideologies but ultimately emerged as the dominant victorious system.
Lesson 7 economics
The document summarizes how the Industrial Revolution changed economics by introducing capitalism and laissez-faire economies. It led to mass production and global trade but also monopolies with high prices and poor quality. Critics like utopians, socialists, and Karl Marx argued for more equal societies where workers owned production. Marx believed capitalism would destroy itself and be replaced by communism with common ownership and no private property. The debate continues between capitalism prioritizing individual freedom and private property versus socialism favoring equal societies and public ownership.
Capitalism
Capitalism has been defined as an economic system controlled by private owners for profit rather than the state. However, capitalism was actually spread through intense violence and conquest rather than natural forces. Common lands were seized by force and those displaced were forced into wage labor under threat of punishment. While competition drives accumulation of capital, both bosses and workers experience alienation from this process in different ways. Ultimately, capital itself seems to have agency over both bosses and politicians due to market forces.
Ethics of capitalism
The document provides an overview of capitalism including its definition, key historical developments, and moral justifications and criticisms. It defines capitalism as an economic system with private ownership operating under a profit/market system. Key topics discussed include the Protestant work ethic, Marx's critique of exploitation, alternative views emphasizing benevolence over self-interest, and alternatives to capitalism from Buddhist, Christian, and Islamic perspectives emphasizing social justice, charity, and the common good.
Capitalism "The Golden Monster"
This document discusses capitalism and provides definitions, a brief history of its evolution, its key concepts, and its social, economic, and other effects. It examines capitalism's origins in Europe between the 16th-19th centuries and how it has developed into today's globalized system. The document also explores concepts like free markets, private property rights, and monopolies. It considers capitalism's impact on areas like individuality, unemployment, the environment, and war. Suggested alternatives focus on prioritizing basic human needs and pioneering altruism over individual interests. An open discussion of opinions is invited.
Pigscowssheep
1. The document discusses several topics related to economics including capitalism, middlemen, laissez-faire, entrepreneurs, robber barons, monopolies, labor unions, insurance, banking, stock markets, and the barter system.
2. It provides context on how these concepts developed and were important during the Industrial Revolution, such as how capitalism and entrepreneurs drove innovation, while middlemen profited and labor faced low wages and poor conditions.
3. Robber barons created monopolies in industries like steel and oil, though they also transformed the economy, while organized labor unions struggled for better treatment of workers.
Group presentation on The Wealth of Nations by Adam Smith.pptx
An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith
Accelerating the Industrial Revolution, 1800-1850More steel- s.docx
Accelerating the Industrial Revolution, 1800-1850
More steel- steam
engine and smelting
Railroads- First RR was
built in 1823 to connect
Manchester with the
nearby port of Liverpool
Repeal of the Corn Laws,
Poor Laws, 1832-1846
Stockton-Darlington locomotive, 1825
American locomotive, 1850
Iron and railroads led to steel bridges and road improvements
Chemicals:
Gas lights, fueled by gas extracted from coal, were installed in London, 1812-1820
Sulfuric Acid and Bleach for the textile industry were developed in between 1790-1830
Portland cement, and improvement over traditional concrete, was developed in 1824
SS Royal William, the first ship to cross the Atlantic under steam-power, from Nova Scotia to Liverpool, 1833
Pollution
Great Stink, 1858
Discontent and Organized Labor
Luddites, Manchester, 1811-12, led a series of riots protesting the use of steam engines in textile mills and the resulting unemployment.
Workers’ Unions were illegal in the UK until 1824.
The Chartist movement of the 1830s and 1840s represented the first real effort to build a labor union, and organized the first wide-spread labor strike in 1846.
In 1844, Frederick Engels, the son of a textile factory owner, published his Condition of the Working Class in England, one of the founding works of Socialism.
Reform of Working Conditions
Factory Acts of 1802, 1833-
1)Children under 8 can’t work
2)Children 8-13 can only work 8 hours per day, but only from 6AM to 9PM (max work week of 58 hours)
3)Children 13-18 can work twelve hours per day (max work week of 70 hours)
4) The employers of child-labor must send them to school at least once per week for the first four years of their employment (this was expanded to two hours per day).
Factory Act of 1844-
Women and children (13-18) not allowed to work beyond 58 hours per week.
Factory Act of 1847- The ten hour work day
Robert Owen (1771-1858)
Great fan of reforming industrial labor conditions
Ran his own mill town of New Lanark, Scotland, as an example of how fair treatment and investment in the lives and education of workers could alleviate the social problems of capitalism.
Believed poverty could be solved
by the creation of new villages
for the poor based on the
old principle of commonly-held
lands.
Edwin Chadwick
Member of Poor Laws Commission, but bitterly rejected the reform of the Poor Laws in 1832
Published The Sanitary Condition of the Labouring Population in 1842, complaining about working and living conditions in London and other cities.
Made commissioner of the Metropolitan Sewer District, which built London’s modern sewage system
Ireland and Enclosures
During the eighteenth century, English and Irish-protestant landlords pursued a policy of increasing cash rents or enclosures for sheep farming, dispossessing large swaths of the Irish peasantry.
Many moved to England,
looking for employment in
the cities.
Ireland under British Liberalism
Agricultural Revolut.
More Related Content
Similar to MERCANTILISM VS CAPITALISM
Capitalism And Capitalism
Capitalism originated in medieval Europe and transitioned from feudalism. It is an economic system defined by private ownership and the production of goods to generate profit. While capitalism has led to economic growth and prosperity, it also creates inequalities between social classes. Marx criticized capitalism for treating workers as commodities and enabling exploitation by capitalists.
Capitalism
The document discusses capitalism from several perspectives. It begins with an introduction to capitalism and its key principles of private ownership, profit, and voluntary exchange. It then provides a historical overview of capitalism from its pre-history through modern eras like mercantilism, industrialization, and globalization. The document also examines different types of capitalism like free market capitalism and state capitalism. It outlines both advocacy for capitalism's ability to drive economic growth and self-organization, as well as criticisms around inequality and unfair distribution of wealth and power.
Capitalism Pre capitalist Mercantili.docx
Capitalism
Pre capitalist
Mercantilism is economic nationalism for the purpose of building a wealthy and powerful state. Adam Smith coined the term “mercantile system” to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports. (Library of economics and liberty)
The goal of these policies was, supposedly, to achieve a “favourable” balance of trade that would bring gold and silver into the country and also to maintain domestic employment
the mercantile system served the interests of merchants and producers such as the British East India Company, whose activities were protected or encouraged by the state.
The most important economic rationale for mercantilism in the sixteenth century was the consolidation of the regional power centres of the feudal era by large, competitive nation-states.
Enclosure Acts (1604 – 1914)– land publicly used for grazing , crops became the property of landlords – who then increased rent – pushing people toward the cities to earn a living
Other contributing factors were the establishment of colonies outside Europe;
the growth of European commerce and industry relative to agriculture;
the increase in the volume and breadth of trade; and the increase in the use of metallic monetary systems, particularly gold and silver, relative to barter transactions.
Growth of empire building (and military)
During the mercantilist period, military conflict between nation-states was both more frequent and more extensive than at any other time in history. The armies and navies of the main protagonists were no longer temporary forces raised to address a specific threat or objective, but were full-time professional forces.
Each government’s primary economic objective was to command a sufficient quantity of hard currency to support a military that would deter attacks by other countries and aid its own territorial expansion.
In exchange for paying levies and taxes to support the armies of the nation-states, the mercantile classes induced governments to enact policies that would protect their business interests against foreign competition.
For example; In France, Jean-Baptiste Colbert, the minister of finance under Louis XIV from 1661 to 1683, increased port duties on foreign vessels entering French ports and provided bounties to French shipbuilders.
In Britain - the Navigation Act of 1651 prohibited foreign vessels from engaging in coastal trade in England and required that all goods imported from the continent of Europe be carried on either an English vessel or a vessel registered in the country of origin of the goods. Finally, all trade between England and its colonies had to be carried in either English or colonial vessels
But then
The innovation and invention thoprugh science and reasoning led to the
Eric Hobsbawm did not exaggerate when he opined that “the Industrial Revolution marks the most fundamental transformation of human lif ...
Industrial Age Economic Theories
The document summarizes key economic theories from the Industrial Age, including:
1) Mercantilism dominated the Commercial Age but was criticized by Adam Smith who advocated for laissez-faire capitalism in his book "The Wealth of Nations", arguing that free trade regulated by the invisible hand was most effective.
2) Karl Marx built on these ideas and developed theories of socialism, arguing that capitalism inevitably leads to conflict between the bourgeoisie and proletariat and can only be overcome through socialist revolution and the dictatorship of the proletariat.
3) Marx's theories, outlined in "The Communist Manifesto", influenced the development of communism in the 20th century though his ideas did not foresee later developments
capitalism-140225095335-phpapp02.pdf
Capitalism is an economic system defined by private ownership and control of trade and industry. It has a long history of violence and coercion in establishing itself globally through enclosures, imperialism, and crushing resistance. While it presents itself as natural, capitalism was spread through organized violence by elites. Competition within capitalism means both business owners and workers experience alienation, as bosses must prioritize profit and market forces over all else. There are various types of capitalism and it aims to efficiently produce goods but also creates problems like inequality, boom/bust cycles, and social divisions.
Communism
Communism and capitalism are opposing economic systems that emerged as dominant ideologies during the Cold War. Communism is defined as a classless, stateless social organization based on common ownership, while capitalism is based on mostly private ownership and investment for profit. Key figures that influenced these systems include Adam Smith, who advocated for natural liberty and laissez-faire economics, and Karl Marx, who predicted that capitalism would be overthrown through proletariat revolution and communism would emerge. The Cold War was characterized by tensions between capitalist United States and communist Soviet Union, and nearly escalated to nuclear war during the Cuban Missile Crisis. Criticisms of communism include that it led to over 50 million deaths and failed to account for human
Economic Systems Lecture (part 3)
The document discusses the rise of capitalism and Marxism. It describes how traditional and mercantile economies worked before capitalism emerged. Capitalism began during the Industrial Revolution when new technologies allowed for factory production. While capitalism brought economic growth, it also increased inequality which Marx criticized. Marx believed capitalism would inevitably be replaced by communism through class struggle. Lenin established communist governments to forcibly create communism, and the USSR was formed as a socialist state seeking to achieve communism.
Is Capitalism The New Mercantism (4)
This document discusses capitalism, mercantilism, and their implications. It begins by defining capitalism as a private economic system where individuals and businesses exchange goods and services through complex market transactions. It then defines mercantilism as Europe's 16th-18th century economic policy focused on acquiring gold and silver. It questions if capitalism is the new mercantilism since both aim to expand production and trade. It also discusses how mercantilism drove European expansion through the slave trade and search for resources like gold. Finally, it summarizes how capitalism faced crises in the 20th century from wars and ideologies but ultimately emerged as the dominant victorious system.
Lesson 7 economics
The document summarizes how the Industrial Revolution changed economics by introducing capitalism and laissez-faire economies. It led to mass production and global trade but also monopolies with high prices and poor quality. Critics like utopians, socialists, and Karl Marx argued for more equal societies where workers owned production. Marx believed capitalism would destroy itself and be replaced by communism with common ownership and no private property. The debate continues between capitalism prioritizing individual freedom and private property versus socialism favoring equal societies and public ownership.
Capitalism
Capitalism has been defined as an economic system controlled by private owners for profit rather than the state. However, capitalism was actually spread through intense violence and conquest rather than natural forces. Common lands were seized by force and those displaced were forced into wage labor under threat of punishment. While competition drives accumulation of capital, both bosses and workers experience alienation from this process in different ways. Ultimately, capital itself seems to have agency over both bosses and politicians due to market forces.
Ethics of capitalism
The document provides an overview of capitalism including its definition, key historical developments, and moral justifications and criticisms. It defines capitalism as an economic system with private ownership operating under a profit/market system. Key topics discussed include the Protestant work ethic, Marx's critique of exploitation, alternative views emphasizing benevolence over self-interest, and alternatives to capitalism from Buddhist, Christian, and Islamic perspectives emphasizing social justice, charity, and the common good.
Capitalism "The Golden Monster"
This document discusses capitalism and provides definitions, a brief history of its evolution, its key concepts, and its social, economic, and other effects. It examines capitalism's origins in Europe between the 16th-19th centuries and how it has developed into today's globalized system. The document also explores concepts like free markets, private property rights, and monopolies. It considers capitalism's impact on areas like individuality, unemployment, the environment, and war. Suggested alternatives focus on prioritizing basic human needs and pioneering altruism over individual interests. An open discussion of opinions is invited.
Pigscowssheep
1. The document discusses several topics related to economics including capitalism, middlemen, laissez-faire, entrepreneurs, robber barons, monopolies, labor unions, insurance, banking, stock markets, and the barter system.
2. It provides context on how these concepts developed and were important during the Industrial Revolution, such as how capitalism and entrepreneurs drove innovation, while middlemen profited and labor faced low wages and poor conditions.
3. Robber barons created monopolies in industries like steel and oil, though they also transformed the economy, while organized labor unions struggled for better treatment of workers.
Group presentation on The Wealth of Nations by Adam Smith.pptx
An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith
Accelerating the Industrial Revolution, 1800-1850More steel- s.docx
Accelerating the Industrial Revolution, 1800-1850
More steel- steam
engine and smelting
Railroads- First RR was
built in 1823 to connect
Manchester with the
nearby port of Liverpool
Repeal of the Corn Laws,
Poor Laws, 1832-1846
Stockton-Darlington locomotive, 1825
American locomotive, 1850
Iron and railroads led to steel bridges and road improvements
Chemicals:
Gas lights, fueled by gas extracted from coal, were installed in London, 1812-1820
Sulfuric Acid and Bleach for the textile industry were developed in between 1790-1830
Portland cement, and improvement over traditional concrete, was developed in 1824
SS Royal William, the first ship to cross the Atlantic under steam-power, from Nova Scotia to Liverpool, 1833
Pollution
Great Stink, 1858
Discontent and Organized Labor
Luddites, Manchester, 1811-12, led a series of riots protesting the use of steam engines in textile mills and the resulting unemployment.
Workers’ Unions were illegal in the UK until 1824.
The Chartist movement of the 1830s and 1840s represented the first real effort to build a labor union, and organized the first wide-spread labor strike in 1846.
In 1844, Frederick Engels, the son of a textile factory owner, published his Condition of the Working Class in England, one of the founding works of Socialism.
Reform of Working Conditions
Factory Acts of 1802, 1833-
1)Children under 8 can’t work
2)Children 8-13 can only work 8 hours per day, but only from 6AM to 9PM (max work week of 58 hours)
3)Children 13-18 can work twelve hours per day (max work week of 70 hours)
4) The employers of child-labor must send them to school at least once per week for the first four years of their employment (this was expanded to two hours per day).
Factory Act of 1844-
Women and children (13-18) not allowed to work beyond 58 hours per week.
Factory Act of 1847- The ten hour work day
Robert Owen (1771-1858)
Great fan of reforming industrial labor conditions
Ran his own mill town of New Lanark, Scotland, as an example of how fair treatment and investment in the lives and education of workers could alleviate the social problems of capitalism.
Believed poverty could be solved
by the creation of new villages
for the poor based on the
old principle of commonly-held
lands.
Edwin Chadwick
Member of Poor Laws Commission, but bitterly rejected the reform of the Poor Laws in 1832
Published The Sanitary Condition of the Labouring Population in 1842, complaining about working and living conditions in London and other cities.
Made commissioner of the Metropolitan Sewer District, which built London’s modern sewage system
Ireland and Enclosures
During the eighteenth century, English and Irish-protestant landlords pursued a policy of increasing cash rents or enclosures for sheep farming, dispossessing large swaths of the Irish peasantry.
Many moved to England,
looking for employment in
the cities.
Ireland under British Liberalism
Agricultural Revolut.
Similar to MERCANTILISM VS CAPITALISM (15)
Group presentation on The Wealth of Nations by Adam Smith.pptx
Group presentation on The Wealth of Nations by Adam Smith.pptx
Accelerating the Industrial Revolution, 1800-1850More steel- s.docx
Accelerating the Industrial Revolution, 1800-1850More steel- s.docx
MERCANTILISM VS CAPITALISM
- 1. Mercantilism vs capitalism Gabriela Córdoba y Michelle Moncada 7a 13/04/2010
- 2. WHAT IS MERCANTILISM ? Mercantilism is a mostly historical economic theory that holds the wealth of a nation can be measured by its ready supply of capital, generally held in a concrete form like gold or silver. Mercantilism states that the global supply of wealth is a fixed amount, and that therefore any gain of wealth by one nation must necessarily represent a loss by another. Mercantilism is therefore in many ways the opposite of the later laissez-faire capitalism promoted by economists such as Adam Smith.
- 3. WHAT IS CAPITALIM ? Capitalism is a socio-economic system in which private ownership means profit to the owner. The owner controls the means of production, so the profit belongs to the private business owner. In capitalism, the free market determines the production, distribution and price of goods and services
- 4. WHAT ARE THE IMPLICATIONS OF SUCH THEORY IN THE EUROPEAN EXPANSION ? The implication of such theory in the expansion of Europe is that the economic wasn't good because they won less money than if they export their food to other country or exchange it for an other thing that was useful for them, they couldn’t expand their territory because of the bad economic and they had no alliances with other cities to made the trade so they can conquered the city and provide food for their warriors.
- 5. WHAT HAS BEEN THE EVOLUTIN OF CAPITALIISM THROUGHOUT THE 20th CENTURY ? The evolution that happened throughout the 20th century has been that the benefits of the owner are not the same , since now the workers are paid for their work if they do a good job they are more benefits(money)for them if not the chief will pay the same or less depending of the rules where they work, but the chief always is going to have more benefits from their worker, because he is the owner of the company or the product tat are going to export.
- 6. IS CAPITALISM THE NEW MERCANTILISM? compare No capitalism is not the new mercantilism because mercantilism is selling things in your own territory with out wining much money and the mercantilism is not used since many years ago but the capitalism is recently the many people buy things and then they cell it but at a higher price so they won more money.