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History 105: Week 7 Lecture Notes

by: Christian Benson

History 105: Week 7 Lecture Notes HIST 105

Marketplace > University of Oregon > HIST 105 > History 105 Week 7 Lecture Notes
Christian Benson
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Lecture notes for the week of 2/15-2/19
World History II
Prof. Furtado
Class Notes
history, World History, China, europe
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This 7 page Class Notes was uploaded by Christian Benson on Monday February 22, 2016. The Class Notes belongs to HIST 105 at University of Oregon taught by Prof. Furtado in Winter 2016. Since its upload, it has received 76 views.


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Date Created: 02/22/16
Lecture – 2/15/16  Christian Cosmology o God the father, judgment, individual souls and salvation  China is about collective harmony (everything influences each other) while Christians are about individual salvation  Chinese cycle of salvation and damnation o But without a source o Not a direct judge, just a disruption of harmony  Catholic and Protestant o Catholic salvation was based on good works o Protestant salvation was more reliant on God  Catholics, Protestants, and witchcraft o Magic, astrology, occult o 50-60,000 people were executed because of the witch scare  Protestants were more fixed on power of the devil and were scared of it, Catholics weren’t as focused on that  More positively: Both of them emphasize individual devotion to achieve salvation o Cultivating proper belief  Catholic Practice o Marian Veneration  Mary gave birth to Jesus o Venerate means to hold in the highest regard, not quite worship o Protestants frowned upon this, said that you should only focus on the holy trinity (father, son, holy spirit) o Lent and Carnival  Lent is when Catholics give something up that they like for awhile and focus on Christ  Carnival is letting of a bunch of steam and partying right before lent: no rules  Carnival released social tensions o Protestants thought that this was ridiculous  Protestants were very concerned with being proper in dress and behavior  would never do carnival o Austerity o The Word  became more literate so people could read the bible o Education becomes more available o Protestants thought that the Word was path to grace  China had naturalistic cosmology, Europe had theistic  China emphasized ritual, Europe was belief  Tolerance in China was high, Europe low  China afterlife was bureaucracy, Europe afterlife was judgment  Social stratification and migration  Nuclear families  outward mobility o Since you only have a few people, you can go pretty much anywhere o Can’t do that in china because deep family roots  Extended families o Upward mobility th th  Most of the migrations done in late 19 and early 20 century to USA from Europe  Most people that moved planned on coming home  Geographic mobility o Continental moving o Wandering o Jobs o Going home o Route of surname o Indented servants Lecture - 2/17/16  How did non-metallic wealth develop in Europe? How was it used in our period?  Who makes money valuable? o First currency – the state o Commodity currency – the consumer  For instance soybean value dictated by demand th  11 century China – paper currency o Song dynasty  war against Mongols, didn’t have enough silver, implemented paper o Yuan dynasty attempted to make paper currency as well o Ming dynasty  “single whip reform” 1500s  Paper money in Europe o 1644: The platmynt coin (4 lbs. of copper) (Sweden)  10 Daler coin = 43 pounts o 1661: Paper bill for 100 dalers  America o 1690: Mass bay company o 1770: American revolution o Devaluation  France: o Fund French revolution  War financing  metal shortages  Private investors and European paper notes  12THto the 14 century, Siennese (and later the Jews) set up first system of regular exchange (Bankos) or bench o Pioneering bookkeeping o Credit markets o Loans  European financial instruments o Bonds – basically an IOU o Stock – share in collective corporate enterprise o Bills of exchange  Amsterdam (1660-1710) o Location is in the middle of a lot of trade routes in the Netherlands o Political independence (1579) o Spain had fought for awhile for the land because they had ancestral roots there o Netherlands had independent states with economies run by merchants o Economics based government  Protestant work ethic o Belief that God will reward you for hard work o Willing to live and dress very simply  humble in that aspect  Competing Protestant views in the Netherlands o Living humble and simple but some people had grand pictures painted of them (in the grand expensive paintings it shows them with their simple modest clothes – sort of a hypocrisy) o Showing wealth by having those paintings done but contents of painting show not much wealth (this is a visual ID)  Institutional Innovation o The VOC 1602 o Distant trade tied up capital  risk  Takes awhile to get money back and ships could wreck o Trading and military roles o Dividends paid to holders o Shares sold on Beurs  first stock exchange  Share holders do not control directorship unlike modern times, VOC still held directorship  London: o Joint stock companies  Muscovy  East India Company 1600  36 ships and 934 stockholders  1650 – permanent capital fund  Stockholder control  Limited liability corporation o 1719-20, 195 new stock companies formed Lecture 2/19/16  Limited Liability Corporation  The “Glorious Revolution” 1688 o Protestant parliament kicked out current English catholic king  Parliament invited King William III of Netherland to be kind of England (1650-1702)  The Bank of England o Lending institution to step in to help England o 1.2 million pounds and 8 percent interest o Private joint stock company o Deposit coin and receive paper receipts  1 banknotes  Satire on Tulip Mania (1640) – art piece (visual ID) o A bunch of monkeys dressed up o Speculation, futures, and “bubbles”  Everyone liked tulips back then o One bulb could be $1000 o Can become rich overnight with tulips o Then people started investing in how high tulips value would get o Industry tanked because tulips don’t bloom all the time and crossbreed and grows a bunch of bulbs on its own  lowered value o Speculating in money that doesn’t exist  significance of visual ID  The Mississippi Bubble o John Law (1671-1729) o 3 Billion Livres French Debt o Controls Banque Royale and Mississippi company o Converted Gov. debt to shares o Encouraged speculation o IPO=Initial public offering=5000-18000thivres o Crippled French Finance through 18 century o One cause of the French revolution  The south sea bubble o Great Britain o Monopoly on south sea, pacific trade o South sea company paid some of their debt o Concession for debt payments, government offered shares in return o February 1720: 175 - June: 1000  Bubble bursts along with Law’s scheme  “Paper Wealth” only succeeded as investments securities, not as state security, in early modern period  The main engine of financial growth in Europe remained the state, particularly regarding wars and competition  Precious metals remained the backbone of international finance as well as domestic economics through our period th th  Joachin Valley, Bohemia (15 -18 C.)  Why metal as a source of value? o Paper currency inflation o Metal is shiny o Intrinsic value o Harder to counterfeit  Debasement o Clipping, rubbing, purity  Money is going to be worth less if its been debased  Potosi, Bolivia (1570s) o Spanish found quartz that was mostly silver o Realized it was a silver mountain o Changed economy in Europe and china o Slave labor to harvest silver = cheap o 345,000 kg in 1600 o Spain brought in too much wealth o Downfall of Spanish economy o Spanish then found the island Manila which was a great trading station to China and they had a ton of silver, which is what China wanted  Manila Galleons o 515,600,000 Reales (1500s-1842)


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