Term
| What was the role of merchants and market exchange in the early middle ages? |
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Definition
| There was little trade and few merchants which mainly just bought cheap goods and sold them to someone for a larger price. Mainly dealt luxury goods to the rich, however merchants helped expand the range of trading under feudalism. Most manors were self-sufficient, there was no market exchange as a daily routine, nor any use of money with the exception of rich merchants in long distant trade. |
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Term
| What impact did towns have on trade? |
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Definition
| They began emerging in Italy and FLanders in the 11th and 12th centuries and they were important for fulfilling the needs of the lord.Lords had greater needs for military and luxury goods to compete with other lords. |
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Term
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Definition
| Great feudal lords ran smaller towns while a few larger ones had some measure of independence, but still owed allegiance to some great lord or king. They were at first viewed as helpful to feudal lords and not a threat. |
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Term
| How did feudalism transition to market capitalism? |
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Definition
| As merchants grew stronger, an issue arose that there were no laws, for example laws governing the conduct of trade. Serf's didn't exchange much and didnt need contract laws, and lords and merchants only made a few transactions needing a contract. Also, lords opposed laws becuase they wanted to use their own judgment. As kings grew stronger, they granted the merchants a set of laws protecting their contracts. |
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Term
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Definition
| AKA Capitalism, is an economic system based on production for markets in which the ownership of the means of production - land, buildings and equipment, is in the hands of a small group of individuals called capitalists. |
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Term
| Why did a market not exist for most of the middle ages? |
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Definition
| Peasants could barely make enough for their own families and had to prepare for drought or disaster because there was no established markets, only occasional fairs - no place to safely sell. Lords wanted to prepare for emergencies and have plenty of reserves, they didn't want to rely on an uncertain market. |
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Term
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Definition
| materials, buildings and equipment used in the production of goods and services. The peasants had little of this, and lords spent their surplus on militaries or luxuries to show off to others. |
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Term
| What was the effect of lords remaining self sufficient? |
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Definition
| There was little technologies or innovations. |
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Term
| 4 reasons technological process remained slow? |
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Definition
| 1. peasants did only subsistence farming. 2. Lords practices subsistence farming on a larger scale, and thought of squeezing peasants for more revenue rather than the chancy and expensive risk of technological innovation. 3. Neither lords nor peasants had much extra revenue, so purchasing equipment was close to impossible. 4. Traditions of feudalism, pushed by the church, said nothing should change. |
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Term
| What caused the transformation? |
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Definition
| Not the craft guilds, nor the merchants, starting in English countryside, one catalyst was the Black Death and other plagues. Landlords could no longer get enough labor to sustain their manors. They pushed the peasants and the peasants rebelled so the landlords had to give up the attempt to push the peasants in the traditional ways. Serfs fought for freedom as well and due to competition for peasants, lords had to grant them full freedom from feudal dues and service - the courts upheld this and peasants became free. |
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Term
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Definition
| land wheere peasants could collect wood, graze animals, and get other benefits. Lords would not grant this to the peasants. Peasants had freedom but not land. |
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Term
| What happened to the peasants? |
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Definition
| They struggled to earn a living and became an unemployed labor force. |
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Term
| What did lords do with the commons |
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Definition
| Raised sheep, and wool became the largest single export. British wool was considered superior to most continental wool. |
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Term
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Definition
| a market characterized by a single seller |
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Term
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Definition
| Peasants and lords mainly used it for themselves, but sold it to merchants who sold the wool mostly abroad, at first to Holland where it was made into cloth. Later, merchants began to have their own cloth woven from the wool in England, and they began to place orders with peasants in advance and sell the resulting production. |
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Term
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Definition
| Placing orders in advance of demand. |
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Term
| How did it change from labor to lease holders? |
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Definition
| Peasants wanted land with fixed rents and have their children inherit the land. To prevent them from becoming landowners, lords asserted that the land was theirs, and they would only let them use it if they paid rent under a lease to the landlords. Now, peasants needed cash to make payments - they could no longer rely on subsistence farming. This pushed them to become involved in technological innovation. |
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Term
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Definition
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Term
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Definition
| Food prices dropped, so people could spend money on other things, so crafts flourished and workers in the cities vould be employed in factories, which they found it hard to adjust to. Better off peasants accumulated land, and improved their methods of production to compete on the market; they had more animals and hire other peasants. They ended the feudal food crisis. |
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Term
| What was the effect of the revolution? |
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Definition
| It set up a government in England friendly to capitalism, first, small scale trade led to internatinal trade and rich merchants, second, small lenders grew into great financial institutions. Third, the new situation in agriculture and in the cities grew into industrial capitalism several centuries later. |
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Term
| How did overseas activities expand capitalism? |
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Definition
| Piracy against spanish ships, raids on Africa for slaves to be sold in the Americas, and establishment by military force of colonies all over the world. They got treasure. |
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Term
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Definition
| The difference between the amount of revenue taken in and the amount spent for wages and materials. |
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Term
| How did technology advance by the end of the nineteenth century? |
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Definition
| by 1750, steam engines were used in industry, kersosene lamps and later electric lighting was invented, and demand for power upped coal production as well as iron and speed. |
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Term
| What was the oucome of the Industrial revolution? |
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Definition
| Majority of production shifted from agriculture to industry, resulting in a class of industrial capitalists where before there were only trade and finance capitalists. |
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Term
| What was the social cost of the industrial revolution? |
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Definition
| Working class had lower standards of living - ate less, less clothing and poorer housing. Monotony of jobs, and lack of freedom. Smoke and air pollution was rampant. |
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Term
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Definition
| apprenticeship by which children were bound to work for factories for 7 years or until they were 21. |
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