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Chapter 18

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Profit Inflation

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Terms in this set (30)

Profit Inflation

Gentle rising prices and gradual, mild inflation usually stimulating the economy

Protoindustrialization

name given to the type of economic development that occurred before the rise of the factory system in the late eighteenth century.

Scottish philosopher who wrote The Wealth of Nations in 1776. Argued that money in and of itself did not constitute wealth wealth but merely its marker. He advocated Laissez-faire economic theory.

Wealth of Nations

written by Adam Smith in 1776 where Smith explained how he believed that economic progress required that each individual pursue his or her own self-interest freely, without restriction by guilds, the state, or tradition. Created Laissez-faire economics

created by Adam Smith saying that individuals should freely pursue their own economic interests. Free individual enterprise would create more wealth than any artificial regulation could encourage. No government interference.

Had been perfecting the technology of steam engines in the 17th century. Together with Arkwright they created the modern factory system.

Richarcd Arkwright

first customer of Watt who switched to steam engines in his new cotton factory, and launched the modern factory system with Watt

Edmund Cartwright

designed a power-driven loom in 1784

process of letting land lie fallow for a season every second or third year to restore fertility.

Convertibel Husbandry

innovating landlords would never let land lay fallow but always put it to some productive use. Also experimented with techniques designed to enhance the texture of the soil.

Open-field system

property was usually held in numerous elongated strips that were mixed in with and open to the land of their neighbors. Owners of contiguous strips had to follow the same routines of cultivation

One of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formerly worked by village farmers.

most german, french, spanish, and italian peasants still lived under the authority of a local noble in this system. Peasants owed the lords dues and other obligations on their land even if the peasants otherwise owned it.

an economic policy under which nations sought to increase their wealth and obtaining large amounts of gold and silver by selling more than they bought.

Commercial Empires

empires that wanted to be mercantalist and bring in more bullion. Colonies helped by producing valuable raw materials and staple crops for the mother country.