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Transatlantic Slave Trade
The slave trade had been happening for hundreds of years, but the 18th century brought rise to high numbers of people being sold into slavery. The slave trade increased greatly as plantations developed in the Americas. Slavery was disputed from the beginning, but the great increase during the 18th century would spark the abolitionist movement just a few decades later. The slave labor helped to boost the economy of both nations buying slaves for labor and the nations capturing slaves to sell. -
Period: to
18th Century Europe - Economy and Society
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End of Plague
The Great Plague swept London, an economic hub, greatly in the 14th century, but even after that there were outbreaks every few years. These outbreaks would destroy communities that were vital to production and economic prosperity of nations. The last outbreak of the plague occurred in the early 1720s. Since the plague was no longer a threat, people were producing more and had no need to worry about infection. -
The Agricultural Revolution
The Agricultural Revolution allowed farmers to be more productive and farm more efficiently. The creation of new farming technology, such as the plow, allowed peasant farmers to work at a faster rate and earn more wages. This greatly helped many members of the lower classes rise in station. It also helped the national economy by producing more goods for selling. The Agricultural Revolution lasted well into the 19th century and was supported by the Industrial Revolution. -
Seven Years' War
Although this war did not occur on European soil, Europe was still involved in the war. France and Britain were disputing over territory in the Ohio River Valley in the Americas, and this conflict resulted in war. France and Britain both gained economically from their land in America, so they defended it strongly. The war drained both nations wealth and caused conflict between them for many years. -
Cottage Industry
The Cottage Industry began its decline in the early 1700s as factories became more prevalent. The Cottage Industry was home farmers and agriculturalists producing goods from their materials and selling them at market. Items were more expensive because it took more time and labor to make them. Factories could produce goods more uniformly, cheaper, and faster, putting an end to the Cottage Industry. This helped the economy of nations, however, because they were able to trade more and export more. -
Navigation Act of 1763
This act by Britain placed high taxes on colonies and their exportation of goods. The tax was harmful for the American economy, but very helpful to the British economy. The taxes collected from sea travel helped to fund a larger navy and replenish the national treasury. This act, along with others, would ultimately be causes of the American Revolution just a decade later. -
Illegitimacy Explosion
The Illegitimacy Explosion occurred in the mid to late 18th century due to a decrease in community control and poverty. People living in poverty began having more and more children out of wedlock, simply giving them away after birth. This put a great strain on the European economy because the population was growing rapidly, and no one was supporting the children, they became burdens of others. -
American Revolution
Britain relied on America for raw materials and taxes, so when the Revolution occurred, Britain began pouring their money into fighting to maintain control. They spent great amounts of money sending troops and building war materials. This put them greatly in debt, hurting their economy, as well as the rest of Europe. Britain was an economic superpower and other nations relied on them for goods, so when their focus shifted to war, everyone paid the price. -
French Revolution
The French Revolution was economically hard for the nation and its allies. War is never a cheap affair, and the French Revolution was no exception. The nation went into debt to buy war materials and even further into debt to rebuild and restructure after the war was over. This caused a decrease in all of Europe's economy as the nations rely so heavily on one another to stay profitable. -
Smallpox Vaccine
Edward Jenner was able to successfully create a smallpox vaccine using cowpox. He was able to vaccinate many people successfully, which led to an increase in medicinal importance. Discoveries were made regarding many diseases, allowing people to live longer and get sick less. This meant that people could work more and contribute more to the economy over their longer lifetime. Economies also benefitted from sharing medical discoveries with other nations, which is still true today.
