CHY 4U1 Summative Seminar Assignment

1. CHY 4U1 Summative Seminar Assignment Mr. Watson By: Natalie Gorjup, Alex Jarvis, Victoria Bello, Krista Mc Shane.

2. Significant economic developments in the West since the 16thcentury.

3. Fuedlism NG

4. Fuedalism Was a system for ordering society around relationships derived from the holding of land in exchange for service or labour. NG It was the basis by which the upper nobility class maintained control over the lower classes. Powers granted to lords was hereditary.

5. Fuedalism This rigid structure of government consisted of kings, lords, and the peasants. Kings could not effectively govern their land because their was not a fast communication system. Divided up their land, and appointed it to Lords. In return the lords had to pay the king "homage and fealty”. Lords had to pay taxes to the king, as well as have an army ready for the king at all times. NG

6. Concepts The feudal society was constructed for one reason: security. However, all this came at the great expense of the common man. He gave up many freedoms for his security. NG

7. Mercantilism MB

8. Mercantilism Mercantilism: is economic nationalism for the purpose of building a wealthy and dominant state. It’s the system of political economy that pursued to improve the country by limiting imports and encouraging exports. MB

9. Jean Baptiste Colbert (1619-1683) MB

10. Jean Baptiste Colbert (1619-1683) Economic policies were created to modify the tax system in France with the goal of increasing revenues. Colbert was successful in building one of the strongest European navies and a more than respectable merchant marine. Encouraged creation of new domestic industries. Silk, cotton, and tapestries MB

11. Problems of Mercantilism 1. A limited amount of natural resources 2. Poor climate, soil exhaustion resulting in droughts 3. Growing populations 4. Not getting diversity in their goods being purchased MB

12. Capitalism AJ

13. Capitalism Capitalism: an economy characterized by private ownership of business and industry, profit motive, and free markets. In the early 1500's feudal economies of medieval Europe had been largely replaced by capitalist economies. Adam Smith's "Wealth of Nations" Laissez-Faire (let it be) AJ

14. Capitalism Constraints: perfect information perfect competition               rational actors Concepts: Invisible hand law of competitive advantage free trade and division of labour *NOT ECONOMIC NATIONALISM!* AJ

15. Capitalism MAJOR Concepts! people are starting to transcend classes (credit is easier to get) Entrenched dependency-during the enlightenment capitalism promised free trade which made people happier! Poor people had more economic power than before! AJ

16. VB Communism

17. VB Communism A theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state. Simply put, communism is the idea that everyone in a given society receives equal shares of the benefits derived from labour.

18. Karl Marx Marx believed that a truly utopian society must be classless and stateless. Marx's main idea was simple: Free the lower class from poverty and give the poor a fighting chance. VB

19. Communist Manifesto The communist manifesto is where class relationships are defined by an era's means of production. At this point, a revolution occurs and a new class appears as the ruling one. The main goal of The Communist Manifesto was to focus on class struggle and cause the common people to riot. Even more so, it was designed to anticipate a model government, whose economics would demolish the upper class - freeing the lower class from dictatorship. VB

20. Utilitarianism Jeremy Bentham KM

21. Utilitarianism Utilitarianism Definition: A moral philosophy in which the happiness of the greatest number of people in the society is considered the greatest good. (The principle of utility) So an action is morally right if the consequences are good, but if the consequences are bad, the action is morally wrong. The choice that has the greatest benefit to the greatest number is ethically correct. KM

22. Jeremy Bentham KM Proposed by Jeremy Bentham (1748-1832) in his 1789 book Principles of Morals and Legislation. It was developed by the English philosopher-economist John Stuart Mill (1806-73) in his 1863 book Utilitarianism. Jeremy Bentham- Proposed many legal and social reforms- Bentham's philosophical principles have been associated with several reform acts entered into English law.

23. Jeremy Bentham Bentham believed that humanbehaviourwas motivated by the desire to obtain pleasure and to avoid pain. Bentham’s importance on law and punishment came from his thoughts on the French revolution towards the Declaration of the Rights of Man and the Citizen. He thought it was too much freedom for a stable society and would clash with the government. KM

24. Industrial revolution

25. The Industrial Revolution KM Brought on Utilitarianism. The middle class realized that the best way for them to maintain their wealth and power was to pass a democratic system of government such as that suggested by Utilitarianism. The rapidly changing economy brought chaos during the industrial revolution.

26. Questions After studying each of the 5 economic systems, which one was most beneficial to the entire population?

27. Questions? Stability is a majour theme in the course. Which economic system was the most stabilizing and destabilizing?

28. Questions What are the pros and cons of government intervention in economics?

29. That’s all folks!!!!