Professional Documents
Culture Documents
Early Capitalism
Definition: private, not government h
Private parties offer gods and services on a free market
Own bmeans of production
Private initiative, not government control
Supply and demand determines prices
Banks, stock exchanges developed
Join-stock companies
Relationship with empire building
Like VOC – initial companies were profitable – government pressure to relax the
monopoly and others
Medieval guilds declined
Putting out system favored – becomes the intermediate – the important part – there’s
an individual contract being made between the person who’s doing the labor or creating the thread and
the merchant who’s buying and selling it back – for services and labor – not being controlled by the guild
and moreover, it’s happening out in the countryside and not in the cities.
Usually controlled everything
Impact of Capitalism on the Social Order
Rural life
Access to manufactured goods – at all levels of society
Increaesing opportunities in urban centers decline of rural population
Enclosure Movement – fences to prvent sheep!
Lack of opportunity helps propel the farmers into factory centers [employment]
Industrialiazation
Serfdom abandoned in western Europe – but retained in Russia until the 19 th century
Nuclear familiies replaced extended families
Women entered income-earning work force