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the effect of industrial revolution in Europe in the 18th century
adam smith's contribution to modern economics
the effect of industrial revolution in Europe in the 18th century
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Before I discuss trade and Early Modern Europe, I think the connection to capitalism needs to be made. Economists stated it was the transformation of the European economy through investment in new, larger-scale processes of trade and production and termed this the rise of capitalism (Weisner-Hanks, 203).” It was viewed that trade was at the center of the development of the modern world. Adam Smith, in Inquiry into the Nature and Causes of the Wealth of Nations, identified the natural instinct of people to trade with each other. This led to a specialization of labor starting with individuals then expanding to groups, regions, and finally nations with an emphasis on products and tasks being completed faster and better than their neighbors (Weisner-Hanks, 203). Smith believed “the highest level of development, production, and innovation, the greatest wealth of nations, would best be achieved by allowing free trade and open competition in both products and labor, an economic system later called capitalism” (Weisner-Hanks, 203). The development of capitalism during this time period was considered to be slow and complicated, but the changes to the production of goods, the way goods were bought and sold, the increased growth in population, and the handling of money drove the European economy (Weisner-Hanks 204). All of these factors played an important role in the growth of the European economy and thus capitalism.
The economic growth of Europe after 1500 was a result of countries with access to the Atlantic establishing trade routes with the New World, Africa, and Asia. It was the growth of trade within these countries that created institutional change and enabled merchant groups to obtain protective rights (Acemoglu, Johnson, and ...
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Works Cited
Acemoglu, Daron, Simon Johnson, and James Robinson. "The Rise of Europe: Atlantic Trade,
Institutional Change, and Economic Growth." American Economic Review 95.3 (2005):
546-79. Print.
Antunes, Catia. "Trade Networks and Migration, Early Modern Europe." The Encyclopedia of
Global Human Migration. Blackwell Publishing Ltd, n.d. Web. 2 Apr. 2014.
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De Vries, Jan. "The Limits of Globalization in the Early Modern World." The Economic History
Review 63.3 (2010): 710-33. Web.
Koot, Gerald M. "The Role of Trade and Empire in European Economic Development to Ca
1870." Dartmouth/University of Massachusetts, 2013.
Wiesner-Hanks, Merry E. "Economics and Technology, 1450-1600." Early Modern Europe, 1450-
1789. Cambridge: Cambridge UP, 2006. 200-35. Print.
Timothy Brook discusses in his book the aspects of world trade during the 17th century and how through the process of globalization, how regions became as interconnected as we know of today. Most people tend to have this conceptualized idea of what globalization is as well as its process. Throughout my educational career, globalization has always been portrayed as big businesses working together providing different goods and services worldwide. In other words, globalization simply involves big, fortune 500-esque companies and has no involvement from anyone else. In the text, however, Brook gives a different interpretation and does so by examining six different paintings by Dutch artist Johannes Vermeer. Instead of focusing primarily on the obvious aspects of each painting, Brook draws the readers’ attention to a variety of intricate details and provides insight for all of them. This helps support his belief that globalization can be traced back to the events of the 17th century and had contributions from several individuals.
During the postclassical period, the expansion of trade had different interpretations around the world. Varying societies all reacted to trade in different ways due to how they viewed the situation. It had caused conflict in few areas around the world and also created peace as well as harm. Some communities had pros and cons to trade, like everything else. Some reasons for the positive or negative feedback on trade was due to religion, and or the philosophical system. Religion and the philosophical system was both pros or cons for trade in different civilizations. Religion helped with the spread of different ideas and religions across a mass area. Yet it had a negative input because then people fought, thinking their religion was more
Cipolla, Carlo M. Guns, sails and empires; technological innovation and the early phases of European expansion, 1400-1700. Manhattan, Kan. : Sunflower University Press, 1985.
Bentley, J., & Ziegler, H. (2008). Trade and encounters a global perspective on the past. (4th ed., Vol. 1, pp. 182-401). New York: McGraw-Hill.
The Age of Exploration in Europe developed along with the Renaissance. In Western history, both periods served as transitional movements between the early modern and Middle Ages periods. The evolution as well as advancement of abroad exploration was fueled by competition between growing European empires like England and Spain. The size as well as the influence of European empires expanded greatly during this time as it was motivated by profit, religion and power. The exploration’s effects were felt both abroad as well as in the geographical boundaries of Europe itself. The political, cultural and economical influences of Europe’s early stages of international exploration affected the continuing development of European society as well as the whole world.
When analyzing trade and commerce differences between Western and Eastern Europe, Islamic encouragement towards trade and commerce in Eastern Europe in the late 8th and 9th century led to the increased importation of Eastern goods into Western Europe. This increase in exotic goods ultimately increased the wealth of Western Europe and boosted its economy. This in turn, attracted the Vikings to pillage and raid communities in order to increase their own wealth in Northern Europe.
Europe mainly traded with Africa and the Portuguese people who were slave owners, the slave industry in trade really boomed around this time because the slaves could be used for just about anything their owners could want. The second part of the prompt asks, “How did trade and exploration have a positive impact on each region?” The positive impact that was made in Asia was the travel of different people into their country and the expansion of a new language and culture. This quote helps further my point on the expansion of the new language in Asia due to trade routes, “Travelers seeking to enter South Asia had a choice of routes. Land routes through the Hindu Kush in the northwest allowed contacts between South Asia and central Asia through what is today
Gale Group . Encyclopedia of European Social History From 1350 to 2000. Ed. Peter N. Stearns. Vol. 4. New York: Charles Scribner's Sons , 2001.
Gaynor Ellis, Elisabeth, and Anthony Esler. ""New Economic Thinking"" World History: The Modern Era. Prentice Hall. 186. Print.
Hoyt, Robert S. Europe in the Middle Ages. New York: Harcourt, Brace & World, 1966.
During the 17th and 18th centuries, mercantilism was the emerging economic policy through which the slave trade developed in Europe. In the Netherlands many historical events gave rise to a desire for domination of international trade. They were serious tradesman and were heavily involved in the profitable business of slavery. The Dutch, intelligent and self-ruling tradesmen took no time in displaying their dominance over rival countries, Portugal, England and Spain, in the Atlantic and Indian Ocean. They established their international superiority in trade and impacted today’s society.
The period from 1450 to 1650, witnessed a profound extension of European society beyond the borders of the Continent. What were the factors that facilitated this expansion? What was the motivation, both for the individual European explorers and the states that supported them?
Stott, Anne. "Europe 1700-1914: A Continent Transformed." europetransformed.blogspot.com. University of London, 7 March 2011. Web. 30 November 2013.
The hunger for more natural resources and the need to trade for exotic goods were the main causes for European exploration and colonization. Even though religion was used as a “pretext” for European expeditions, “gold” was the real motive (1). Cippola further explains that, “Through the idea of mission and crusade the conquistadores succeeded where the medieval merchants failed and were able to reconcile the antithesis between business and religion that had plagued the conscience of medieval Europe”(2). Cipolla also discards Malthusian pressure as a possible cause for European expansion. Devastating and recurrent epidemics were constantly keeping the population growth in check and “no population pressure of any relevance was felt in Europe till the second half of the eighteenth century” (3). By eliminating these two powerful driving forces as the motivation for expansion, Cipolla claims that European expansion was basically a commercial venture (4). This expansion, being a very aggressive commercial venture, has some effect on the environment. The Europeans exploited the natural resources of the places they ‘discovered’. Excessive mining for natural resources and deforestation for shipbuilding are examples of environmental damages caused by European expansion (5). As the expansion spread throughout the world and the European Empires grew bigger and stronger, so did the pressure put on the environment to sustain this expansion.
The European expansion into the Western Hemisphere in the 15th and 16th centuries was a great advance for most of human civilization. There are several reasons this was an advancement of the human race, such as it laid the groundwork for new politics and a more diverse economy. The expansion is also important because the migration of the Europeans into the Western hemisphere was the first of its kind. The expansion brought new people, culture and ideas. Another reason this is an advancement is that it expanded the economic system, which is important because it made more people wealthy and shifted the economy away from a feudal system. However, socially, the expansion into the Western hemisphere made the settlers develop views of superiority over the natives. In conclusion, the European expansion in the 15th and 16th centuries had many positive effects on the Europeans and its settlers, but affected natives negatively.