-
Navigation Acts
The result of the English desire to increaseboth military power and private wealth. These acts required goods imported from Europe into Great Britain to be carried on British-owned ships with British crews or on ships of the country producing the article. This changed the economy because it increased wealth for the British and also produced another justification for slavery, which was a societal affect. -
Peter the Great - St. Petersburg
Peter the Great sets up numerous schools and commercial empires to enable Russia to compete in Europe. He wanted to modernize Russia so it could compete with western European nations. Peter the Great even traveled to countries like France and Holland to learn more about western culture. By moving the capital to St. Petersburg, he was stating to the rest of the world that Russia was changing into a more competitve country and modernized society. -
Peace of Utrecht
This was what ended the War of Spanish Succession, which was fought by Britain and France. Both nations were competing to be the strongest and wealthiest nation in the world. After the Peace of Utrecht, Britain gained control of France's northernmost American holdings. This allowed Britain to grow economically through an increase in trade. -
Adam Smith
A professor of philosophy and a leading figure of the Scottish Enlightenment. He believed the general idea of freedom of enterprise and established the basis for modern economics in his groundbreaking work, Inquiry into the Nature and Causes of the Wealth of Nations. This work was famous because it basically introduced capitalism to the world. He was very respected by many and is known as the "father of capitalism". -
Enclosure Acts
Passed by English Parliament that authorized the fencing of open fields in a given village and the division of the comon in proportion to one's property in the fields. The heavy legal and surveying costs of enclosure were also divided among the people, peasantshad paycost and landless cottagers lost access to common pastures. -
War of Austrian Succession
This war gradually became a world war that included Anglo-Fench conflicts in Indian and North America, butit endedwith no change in the territorial situation in North America. Though this war had not territorial changes, the economies were slightly damagedbecause of the costs of the war. The spending on the navy and military incresaed taxes on the citizens. -
Putting-Out System
This is what organized the cottage industry. It was used by merchant capitalists and rural workers. The merchant loaned raw materials to several cottage workers, who processed the materials in homes and returned the finished product ot the merchant. This process soon decreased the monopoly the guilds had maintained on certain products. (No specific date - I'm just going to put 1750) -
Seven Years' War
This was the decisive round in the Franco-British competition for colonial empire. France was allied with Native American tribes to protect their claims on fur-trading regions. Britain ended up completely destroying France's navy and choked off their commerce. This severely effected their economy, basically destroying it. -
Treaty of Paris
The treaty that ended the Seven Years' War and rewarded the British with vast new colonies in North America and India. This changed the economy of Great Britain because it added more territory, meaning more wealth and colonies. Also, with new colonies, there were more people moving to North America and many of the colonists started making their own societies that were very different than British society. -
The Inquiry into the Nature and Causes of the Wealth of Nations
This work, published by Adam Smith, criticized guilds, or corporations, for their stifling and outmoded restrictions. He extended these critiques to all state-approved monopolies and privileged companies. This work introduced the idea of free competition to the world and Smith argued that government should limit itself to "only three duties"
