Serfdom had all but disappeared from England, and money rents and wages had largely replaced other forms of compensation and exchange. The new importance of trade contributed to a profound change in attitudes, one that was beginning to re-shape society itself. In 1579, Thomas Churchyard defined as nobles, "Merchauntes that sail forrain countreys," a statement that underscores the importance of generating wealth.
Though not legally noble, these individuals were already beginning to emerge as substantial players in English society.
Economic Expansion: The Manor as Productive Estate
The vast expansion of trade and commerce in Early Modern England found its fullest expression in the thirst for new outlets for national enterprise. England's growing collection of colonies represented an attempt to compete economically on a world stage. Rivalry with other European powers encouraged the discovery and settlement of the Americas and the establishment of trading posts in Africa and India. These new colonies could provide raw materials for the goods that were now beginning to be produced at home. By the Seventeenth Century, England was becoming a major producer of finished textiles. Grain, too, was marked for export, protected by the Corn Laws that made importation of foreign grain prohibitively expensive.
The Corn Laws were part of a structure designed specifically to safeguard landed estates. The landed estates - economic units designed more for profit than for simple social order - formed the backbone of the English state and economy. Proponents of this system would set up similar arrangements in the colonial world. The Southern colonies of the later United States would owe their prosperity directly to the raising of cash crops. Though many of the details of the system would be different - the South's dependence on unfree labor and its focus on the production of "exotic" crops like tobacco and indigo - the results would be similar. Throughout the English-speaking world the landed gentry and their allies in the growing merchant class came to wield the bulk of political power and influence. The Corn Laws, together with bounties for indigo and other colonial products, showed the ability of the owners of large estates to control the legal system and to legislate for their own benefit.
Legislating for its own benefit entailed the maximization of the profitability of each estate. Medieval manors had been worked according to tradition in two and three field systems whereby peasants held rights to scattered strips of arable land. By the Eighteenth Century, owners of manors had begun to experiment with more productive methods. Innovation demanded fields of considerable size. The old strip system was inefficient and only encouraged the preservation of traditional methods of labor organization. Landlords used the legal system to enclose their lands, thereby organizing it into compact blocks and encroaching on traditional rights to the commons. Ambitious peasants rented large farms and began to grow crops for the market rather than just their own use, while at the same time leasing excess land to other peasants. They also drained swamps, increased their use of manure, and began to specialize in growing fodder for ever larger flocks of sheep and herds of cattle.
Such yeomen participated in a vigorous cash and credit economy, borrowing money from aristocrats and well-to-do merchants. England's colonial entrepreneurs depended on these credit systems to establish their small holdings and plantations, and even simply to equip their migrations to the New World.
Agricultural expansion both at home and abroad contributed to a dramatic rise in the number of people the land could support. Towns grew rapidly. In 1500, London was not even among the twelve largest cities in Europe, but by 1700 it was far larger than any other.
Similar stories could be told of other English towns. The agricultural surplus was now able to support distinct populations of agricultural laborers and urban craftsmen, laborers, and merchants.
The larger the populations of these towns the more they transformed from simple agricultural centers or market towns into real urban centers. The new town dwellers were no longer engaged directly in the rural economy. They worked in association with it, but in capacities that were tending toward trade and manufacturing. The towns themselves became cities, growth itself feeding further development:
Greater efficiency was promoted, in part, by such developments as better market facilities, wider roads to cater to a greater volume and weight of traffic, new and enlarged bridges, and a host of other achievements. To some extent, therefore, capital was substituted for labor.
In other words, as successful businesspeople made money they invested it in...
Economic Challenges Canada Faces In recent years, the challenging economic condition in Canada has emerged as a concern for citizens, policy makers and the government alike. Canada faces challenges in terms of creating a more innovative society, as the country continues to experience a significant productivity gap compared to other advanced industrial economies. The Canadian industry appears to be slower in successfully developing, applying and marketing innovative products, processes and services
Energy costs increased substantially and the yen's exchange rate was shifted to a floating rate. The eventual recession reduced expectations of future growth and reduced private investment. Economic growth went down from 10% to 3.6% during the period 1974-79 and to 4.4% in the decade of the 80s. But despite the oil crisis and its consequences, Japan's major export industries stayed competitive through its cost-cutting policy and increasing efficiency.
S. exports, but only reduced them, to increase imports from Mexico, to stimulate the opening of manufacturing plants in Mexico and to lead to the loss of jobs for the American population Ultimately then, the free market is a beneficial theoretical model, but its practical implementation has only proven profitable for the corporations in the highly developed western economies. 3. Are impediments to economic and financial reconstruction worse in a particular region
It is constructed, as its name indicates, on the five forces which define and characterize the competition within the industry. These forces are as follows: The bargaining power of buyers The bargaining power of suppliers The threat of substitute products The threat of new entrants The competitive rivalry. a) the bargaining power of buyers At an individual level, the buyers do not have a bargaining power in the meaning that they cannot negotiate the price of
Disrupting America's economic system is a fundamental objective of terrorists Even as the world continues to struggle with the terrible shock from the September 11 attacks in New York and Washington, one principle lesson has already become clear: disrupting our economic system is a fundamental objective of terrorists. Prior to September 11, our economic environment was certainly not immune to terror, in comparison to many other nations; we lived relatively terror-free. Now,
economic and social changes after 1870 are so striking and so qualitatively different from the developments of the First Industrial Revolution that they deserve to be labeled, "The Second Industrial Revolution." The Second Industrial Revolution Rapid changes in societies that radically transform the way of life for significant segments of the population are termed revolutions. Such revolutions have occurred frequently in many parts of the world throughout history. However, only a
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now