Principles of Macroeconomics (GT
Principles of Macroeconomics (GT ECON 204
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This 3 page Class Notes was uploaded by Judson Hoeger on Tuesday September 22, 2015. The Class Notes belongs to ECON 204 at Colorado State University taught by Staff in Fall. Since its upload, it has received 18 views. For similar materials see /class/210327/econ-204-colorado-state-university in Economcs at Colorado State University.
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Date Created: 09/22/15
The English don t begin thinking about empire building until queen elizabith the first Which is a bit late in the day compared to other European countries Spanish Armada Catolga England was involved in the slave trade Rien ofjames establishing colonies in America English reforming mercantilism 17 century TO get engaged in markets Previous trade was successful A lot of sheep a lot of wool selling in france Indonesia didn t like it The only product England had in the 17 century Woolensin asia don t go well Spices had a lot ofvalue A risky investment as well Boat goes to Indonesia long time cape of cave horn controlled by dutch A year to go in one direction Capital tied up for a long time France had a lot ofwealth easily done More ships sent out England invented an alliance to form the stack trade The English Indian companies by queen Elizabeth This allowed groups of investors in London to pool funds and share risk Send ships out come back make money Investors were happy Still unpredictable and dangerous eg political economy was unknown The management is separated from investors in the El company Investors delegated managers A modern form of corporation First multinational company in history 200 investors handed over he affairs of company to company employees Early on entrepreneurs invested in the company A big overlap between gov and company Over the 17 cent bigger overlap Interfering a lot Realization by the mid 17 century Single Voyage was not smart Send MORE Continual ow of ships outside A new kind of stock company refined Permanent joint stock company Better corp gov less disruption more reliable more predictable Pay shareholders annual dividends Buy and Sell shares easier at stock exchange London stock exchange changed the world EI didn t do well in the beginning Tried to establish a trading post in an island Dutch didn t like it To avoid competitors they went to india not good spice land Cotton and Textiles Why they dominated not because of they were first arabs got there first European dominated the seas because they had cannons on ships Floating battle ships Better navigation equipment Became expert sailors China thought itself as the center of the world New practices of capitalism makes European ahead of the curve English show up on india English send silver to india English ships pick up elaborate cloth BIG TRADE Indigo Cloth Gun Powder Bengal Mercantilist economic theory Pie is not expanding infinitely Trading is Zero Sum Trade Mercantile measure wealth by gold and silver Violating theory Causes anxiety as silver is depleting Private investors are in uential Gov is getting rich by buying all these custome good Gov looks other way spite of the fact theory Trading desks at the west ofindia Writers Middle man partial Indians and partial English Taking a lot of risk A 3ml died on their way not immune Bombay Calcutta Madras are most famous trading desks All 3 grew into modern metropolitas due to trade English trade will alter urban geography of india India is not the only place China is good too English is experimenting all the time Looking for new investments to see what will work Theyre wuite re ective on this There are people watching these markets to gauge demand and supply Systemize this information and send it to writers Novelty Deliberate attempt to develop consumer markets and taste Hundred of new products sugar tea cloth animals new spices What stands out is tea 1680 by dutch due to trade with china Emperor of china is the boss Gives the shots English can only trade at one city Canton city As limited by emperor to watch over trade Hall merchants had monopoly Tea is the king of all products EIC By 1700 100000 pounds were sent A million pounds were beginning to by send by 18 century A billion by 20 century Everybody was drinking it A beverage consumed by everybody Tea overthrew beer the national drink of England Nonalchoholic Women played important role in market Coffee became a little popular A little masculine Tea appealed to both gender Thus women bought more tea Gov supported tea Perpetual novelty in tea More tastes increase in number London was increasingly becoming the center of the trade of the world Investment all over the world 18 century it was It altered geographies due to trade Port cities opened on the east coast of England to open trade to Europeans China drink tea straight up English mixed things up Used sugar Trading Triangle ENGLAND Africa Cariibean England India China Creating Consumer Markets Joint Ventures Invs and Gov making money Atlantic Slave Trade They all had a lot of land Free labor Realize value ofland Pin workers down so that theyre immobile Make them work for you Geographical disposition European saw slaves as low creatures Traded slaves in the most brutal practices European had negative associations with color black Americans did not as much Slavery amp racism go hand in hand How many Africans were enslaved possibly 12 million slaves West Africa Taken from wide region of hundred of miles Taken to Caribbean and brazil No colonies in Africa until end of 19 century Harsher disease enviroment White man grave More tropical diseases Cant move in and rack up people Developed African kingdoms prevented English invasion also Militarily powerful Europeans needed African middleman Did not work in the long run African rulers opposed that Africans did not enslave other Africans There are hundreds of ethnic groups They engaged in wars with one another No sense of African identity in this period of history What do Africans get Access to European military advabced weapon Empower one neighbor to fight another To assure continual ow ofmarket 39goods Profits were accumulating to europe and America but mostly latin America Slave trade is building the wealth of Europe Bristol Made them grow into modern posts Slave trade is a distruptive force in the African continent Set back Productive force in Europe Plantation agriculture Integrated into the servant class The enlightment Philosophes eg Voltaire Public sphere republic letter Middle Class Science and enlightmnet Both approaching issues rationally Went hand in hand Public sphere gov is not watching you church is not watching you free of surveillance Grew as mediem of ideas exchange Freedom of talk Coffee houses Catered for the middle class and whigs Salons organized by womam Helped shape the enlightment Helped shape the consumer enviroment M Geoffrin Mary Astell Human rationality ended being a male quality FrancoisMarie Aroet Volatire 16941778 Letters of England Candide Philosophical Dictionary English was still considered marginal in the early 18 century
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