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Revival of Guilds
The finance minister of France under Louis XIV, Jean-Baptiste Colbert promoted the revival of guilds. This occurred in the late 1600's and carried over into the early 1700's. Guilds allowed artisans of cities to have economic protections but were highly exclusionary to women and non-Christians. They also led to monopolies. This was a continuation of popular economics since the 13th century. -
Formation of Great Britain
This unified England and Scotland into one kingdom, a significant change from centuries past in which the two kingdoms often fought each other for leadership. This solidified Britain as a power. It was an important step in Britain's rise to global economic power. It also helped build military power -
End of the Black Plague
Although the main outbreak of the Black Death occurred in the 1500's, there was one last outbreak ending in 1722. This marked the end of epidemics as a regular recurring problem as sanitation improved. With the improvement of sanitation and disease management came in improvement in quality of life and a population boom. -
Enclosure Acts
The first of England's Enclosure Acts was enacted in the 1760's. This began the process of transferring land ownership away from the community and into private hands. Not only was it a change in ownership, but it also meant a change in the way farming worked. Farmers now leased from landlords and employed peasants with no land. It meant a growth of the proletariat class. -
French Expansion of Rural Industry
France began to enact policy limiting the power of guilds and industry in the city. Instead, it promoted the cottage industry. Urban merchant capitalists employed rural workers who wanted to supplement their agricultural earnings. They often were payed less than urban workers. This was a new policy representative of the growth of capitalism. -
Treaty of Paris
The British defeat of the French in the Seven Year's War ended with the Treaty of Paris. France ceded their North American land to Britain. This was another key point in British rise to power. It was, in combination with several other defeats of France around the globe, the removal of British competition in global economics and trade. -
British Defeat of the Mughals
The British, having taken power in the Indian Ocean, defeated the Mughal Empire in India. Although the Mughal Emporer was left as a figurehead, British governors controlled India. This was a final step in taking power of world economics and building a massive empire and was a change from what had previously been Dutch and then French power in the Indian Ocean. -
Publication of The Wealth of Nations
Adam Smith was a popular economist in the 18th century. He published his book, The wealth of Nations, which greatly popularized the free market and economic liberalism. Smith promoted the idea of the invisible hand. This book caused many European nations to move on from ideas of mercantilism to ideas of capitalism. -
Peak of Atlantic Slave Trade
The 1780's were the largest decade for slave trade, with around 80,000 Africans being transported per year. This was a continuation of a 17th century practice, although racial slavery was relatively new. Slavery was important to economic growth in the America's and was very beneficial to Europe, but was incredibly inhumane and led to public outcry in the following decades. -
Abolition of Guilds in France
The spread of Smith's ideas allowed many economists of the day to adopt more free market policies. Reform-minded officials in France abolished guilds. This was popular with some artisans but opposed by others. It was a big change in economics and other European countries followed suit later on.
